Saturday, 6 June 2015

How Are Your Rights Protected Under Tarion When Buying a Pre Construction Condo?

Many people are wary of purchasing a new home and especially a pre construction condo in Toronto.  Horror stories are in abundance and many people opt to just stay completely away from those types of possible hassles and situations.  However, what many people do not know are their rights when it comes to warranty, and occupancy.  This is a fundamental mistake of new homeowners, as everyone should know what they are entitled to and what their rights are prior to purchasing a pre construction condo in Toronto.
The Tarion was founded in the late 70’s to regulate builders on new homes, and create a standard of legislations that builders must follow when building new homes. As a new homeowner, your rights are protected with the Tarion, and are guaranteed under a fundamental warranty.  This warranty extends over various areas that can be somewhat problematic when it comes to delays and expectations of purchasing new homes and especially pre constructioncondos in Toronto.
One of the main rights that are covered under the Tarion is a delayed closing.  There is always a set date that you – as a homeowner will gain occupancy of your unit.  However, sometimes that set date gets pushed back and pushed back and pushed back some more until it becomes an issue for homeowners.  Most of the time homeowners don’t get Tarion involved, however they are fully in their right to do so, and could be eligible for delayed occupancy compensation if the builder doesn’t give proper notice of the delay.  This delayed occupancy compensation can offset the price of storage and moving for up to $100/day and up to $100/day for living expenses. 
Another major consideration is that when you buy a pre construction condo in Toronto you are covered under a warranty that is mandatory for the builder to have in order to build.  Every builder in Ontario should be and really must be registered with the province, it is illegal not to be registered and to build in Ontario.  As a new homeowner being proactive is key, and requesting for your warranty in writing from the get go prevents issues and concerns later on down the line.  Knowing exactly what your warranty covers and doesn’t cover is essential in determining what your rights actually are.
Purchasing a pre construction condo in Toronto shouldn’t be a scary process.  It should actually be an exciting time – TorontoCondosVIP have a great rapport with many builders within the city, and can explain what to expect from each builder.  Delays, while common, shouldn’t be taken as the new normal, nor should warranties be tossed aside.  The Tarion was put in place for a reason and TorontoCondosVIP can help you understand your rights, and make sure that you are entitled to everything that is owed to you.  Contact us today to get extra information, or set up an appointment to further discuss how to avoid the things outlined in the Tarion.
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Sherry Dabir is a real estate broker with HomeLife, and specializes in Pre Construction Condos within the GTA.  She is currently ranked in the top 5% in Canada and has exclusive VIP access to and experience with Pre Construction Condo projects.  Contact her today to learn more.
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Tel # 416 417 2400

2 comments:

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