Common use of TARION Clause in Contracts

TARION. a) DISCLOSURE: Purchasers should note that the Agreement may contain provisions about some or all of the following: (i) There may be rights or conditions by which the Vendor may terminate this Agreement regardless of whether or not the Purchaser is in default; (ii) It may be a condition of closing that the Purchaser be approved by mortgage lender(s); (iii) The rate payable on any mortgage in the Agreement may be subject to increase; (iv) The Vendor may have the right to alter plans and specifications or substitute materials without notice; (v) The purchase price in the Agreement may be increased or adjusted by certain additional costs or charges. (In addition, purchasers are advised that on closing and registration, certain fees and taxes will be payable to the Province of Ontario.) (vi) If the Purchaser cannot identify or understand any of these provisions the Purchaser should discuss them with the Vendor or salesperson. (vii) The Purchaser is advised to consult a solicitor before signing the Agreement.