Tarion New Home Warranties Update
April 22, 2008 -- Tarion alerts REALTORS® to advise clients who buy new housing units and re-sell without first occupying them, that they have specific obligations under the Ontario New Home Warranties Plan Act.
Tarion also advises those who buy new housing units and re-sell without first occupying them are required to submit an Application for Registration as a ‘Vendor’ to Tarion Warranty Corporation, meeting specific terms and conditions.
They are responsible for the Deposit Protection, Delayed Closing and any material changes made after purchase from the builder. They are further required to provide Tarion with written confirmation that the builder will provide necessary warranty service or alternatively, specify how they will provide it.
In addition, Tarion points out that the warranty start date is the date of possession of the owner who occupies the unit. The new owner should be provided with the ‘Homeowner Information Package’ outlining the warranty coverage.
For more information visit www.tarion.com