New Home Buyer Tarion Protection
New Home Buyers
If you’re considering purchasing a new home, congratulations! It’s an exciting and rewarding process.
A new home may also be the most significant purchase you ever make. In addition to the financial commitment, there are a number of lifestyle and home design options you may need to consider.
That’s why it’s so important to do your homework and gather as much information as possible about your potential new home before you sign the Agreement of Purchase and Sale.
To help prepare you for your purchase, we’ve created Top Ten Tips for New Home Buyers. It’s a step-by-step list that provides research ideas, financial and legal resources, as well as practical maintenance advice. Together these tips will go a long way to ensuring that you’re very happy with your new home.
Tarion provides important protection before and after your new home purchase
When you buy a new home or condominium in Ontario, you enjoy the benefits of a comprehensive builder warranty.
To learn more about this warranty, you can preview or print a copy of our concise, easy-to-read brochure entitled “Warranty Coverage for New Homes in Ontario“. You can also order a copy of this brochure.
Your new home warranty begins before you even move in. Once you provide the down payment for your new home, it’s protected. You also have a right to compensation if your builder delays the closing of the sale without giving you proper notice. See Understanding Deposit Protection and Understanding Delayed Closings and Occupancies to learn more.
Before you take possession of your new home or condominium, your builder will walk you through a pre-delivery inspection (PDI). Tarion provides a PDI Checklist to help you ensure that this critical inspection is thorough and complete.
After moving in, you’re entitled to a 1 Year, 2 Year and 7 Year warranty against defects in work and materials. This warranty comes with certain obligations, so it’s important to understand the statutory warranty process.
Protecting your new home warranty also requires that you properly manage the systems in your new home. Tarion offers tips on Maintaining Your Home to help protect your most important investment for years to come.