Century 21 #1 Global Award Winner Ken Yeung! PLATINUM 1ST ACCESS - REGISTER NOW WITH KEN YEUNG 416-618-9890

Tarion Warranty


The Statutory Warranty - What's Included
 
 
Image: Understanding the Warranty 

This section is intended to help new homeowners and home builders/vendors understand the Ontario New Home Warranties Plan Act, and to provide instruction on what to do if a warranty problem arises.

Note: For simplicity, the term ‘builder’ in this section also includes a ‘vendor’, as defined in the Ontario New Home Warranties Plan Act.


 
 

Tarion Warranty Corporation Administers the New Home Warranties Plan Act

The Ontario New Home Warranties Plan Act outlines the warranty coverage that builders are required to provide to their customers. The aggregate maximum warranty coverage for new homes and condominium units is $300,000*. The maximum coverage for condominium common elements is $50,000 times the number of units, to a maximum of $2.5 million.

Coverage under the Act includes deposit protection, protection against defects in work and materials, protection against unauthorized substitutions, and protection against delayed closings or delayed occupancies without proper notice. For condominiums, warranty coverage also includes common/shared areas of the building.

Most issues related to the Statutory Warranty are resolved between builders and owners without the intervention of Tarion. When necessary, Tarion will help homeowners and builders interpret the limits of the Act, and will intercede to protect consumers when builders fail to honour warranty obligations.

* Tarion increased the aggregate maximum warranty coverage provided under the One Year, Two Year and Major Structural Defect warranties to $300,000 for homes with a date of possession on or after July 1, 2006. This increased coverage amount applies regardless of when the purchase agreements or construction contracts in issue were entered into. If the date of possession of a home is prior to July 1, 2006, the warranty coverage under the One Year, Two Year and Major Structural Defect warranties will continue to be as follows: a) $100,000 if the purchase agreement or construction contract for the home was entered into before September 1, 2004; and b) $150,000 if the purchase agreement or construction contract for the home was entered into on or after September 1, 2004.

For more detail click on this link  http://www.tarion.com/HOME/


Join Us on Twitter


Join Us on facebook

Toronto New Condos  |  My Listings Sold  |  Auto Home Search  |  My C21 Website  |  My Awards  |  VIP Incentives Package  |  My Blog  |  Buying and Selling  |  Home Evaluation  |  Land Transfer Tax  |  HST  |  Mortgage Calculator  |  Tarion Warranty  |  Testimonials  |  50 Scollard St.  |  4000 Eglinton Ave West  |  4800 Yonge Condos  |  9th & Main Condos + Towns  |  Abbey Lane Towns  |  Alter Condos  |  Aqualina Bayside Condos  |  Aqualuna at Bayside  |  Artists Alley Condos  |  Auberge on the Park  |  Canada House Condos  |  Cardiff Condos  |  Central Condos  |  Crestview Manors  |  D'or Condos  |  Ellie Condos  |  DTK Condos  |  Empire Maverick  |  Empire Phoenix  |  Era at  Yonge Condos  |  Erin Square Condos  |  Express Condominiums  |  The Britt Residences  |  Garden District Condos  |  Harbour Plaza Residences  |  in.DE Condos  |  Lakeside Residences  |  Landing Condos   |  M2M Condos  |  Markham Square Condos  |  Mirabella Condos  |  Oak & Co Condos   |  Panda Condos  |  Playground Condos at Garrison Point  |  Rodeo Condos  |  Royal Q Towns  |  SIX8PLUS Townhomes  |  Sugar Wharf Condos  |  Sunview Suites  |  The Keeley Condos  |  The One Condos  |  The Prestige Condos at Pinnacle One Yonge   |  The Residences of 33 Yorkville  |  Transit City Condos  |  Universal City Condos  |  Uovo Residences  |  Vendome Condos  |  YC Condos  |  YC Condos Assignment - Yonge at College Condos  |  Alter Condo *Assignment* by Tridel  |  The Queensview Condos
My Listings  |  Coming Soon Projects  |  Contact Us  |  Assignment Condos
 
  Privacy Policy  |  Site Map  |  Profile  |  Sign In

Choose language: