Buying a New Condo? Are You protected?

Potential new condo buyers should be aware of some of the safeguards that have been put into place to protect condo purchasers in Ontario.

Tarion Warranty Corportation (formerly the Ontario New Home Warranty) is a private corporation that regulates and licenses builders and vendors of new homes and protect the rights of new homebuyers under the Ontario New Home Warranties Plan Act. Every builder and vendor of new condo construction must be registered and each new project enrolled with Tarion. Here are some of the items Tarion covers.

• Deposist Protection
• Delayed Closing Compensation
• Warranties for Defects
• Protection against Susbstitutions

For the detailed article by Denise Lash a condominium lawyer in Toronto  Click Here