Buying a pre-construction condo is an exciting milestone. Whether this is your first real estate transaction or if you have purchased a property before, it is a significant financial undertaking. What should you be aware of?
Know your rights. While construction delays are quite common, if they do occur, builders are required to follow specific rules about extending closing or occupancy dates, including providing proper notice to buyers, as per the terms outlined in the addendum attached to every agreement of purchase and sale.
Ontario has a new home-warranty program, which is managed by Tarion, a consumer protection organization established by the Ontario government to administer it. As long as the home is enrolled by the builder, the program provides a certain degree of protection regarding delays. Your new home warranty’s delayed closing/occupancy coverage ensures you are compensated if your builder does not provide sufficient advance notice of a delay,