Tarion Warranty

If your client is buying a new house or condo, it’s important to understand Tarion’s important role. Here’s a basic summary:

*New home warranty: Tarion requires builders to provide a warranty that covers such things as deposits, defects and other issues with newly constructed properties. In the event of a dispute, Tarion works with the buyer and the builder to resolve the problem. If the builder is unwilling or unable to fulfill the warranty, Tarion ensures new home buyers receive the statutory warranty coverage they are entitled to. Tarion works to educate home buyers about their new home warranty rights.

*Your buyer’s home warranty protection begins even before they move in. As soon as they provide a down payment, they receive Deposit Protection. And if their builder delays the closing of the sale without giving proper notice, they may have a right to compensation.

*After moving in, your client is entitled to One Year, Two Year and Seven Year warranties. Each comes with certain limits and obligations, so it's important to understand what is covered and how to make a claim.

Reference: Reco's Ask Joe Column