What is the TARION Warranty Corporation?
Tarion Warranty Corporation is a private corporation that was established in 1976 to protect the rights of new home buyers and regulate new home builders in accordance with the Ontario New Home Warranty Plan Act. The primary purpose of Tarion is to ensure that builders abide by this legislation and to step in to protect consumers if builders fail to fulfill their warranty obligations.
How is Your Interim Occupancy Date Established?
Your Customer Relations Support Team will be advised by the Construction and Development Team who will forecast the date when the building and your suite will have met the requirements for occupancy, as established in the Ontario Building Code. Interim occupancy begins from the date that the Purchaser is entitled to receive the keys. The interim closing period ends once the requirements of Registration are satisfied and a deed for transfer of ownership of the Unit is delivered to the purchaser.
What is Registration?
Registration refers to the official creation of the Condominium Corporation. The builder initiates this process by submitting the necessary paperwork to the government once all the units and common elements have been completed. After their authorization by the governmental powers that be, the condominium’s Declaration and explanation are registered in the land titles office.
Extensions of Interim Occupancy Date
Your Interim Occupancy date may be extended under certain circumstances explained in your Agreement of Purchase & Sale. In that case, the builder is required to provide you a minimum of 120 days notice, prior to your original possession date and no later than 30 days following roof assembly. Your confirmed date may be extended by a maximum of 120 days; provided that the builder gives you written notice a minimum of 65 days before that date. In addition, your confirmed possession date may be extended by a maximum of 15 days if written notice is provided to you, at least 35 days before the confirmed date. According to TARION “the builder is not responsible for delays caused by strikes, fires, civil insurrections, floods or Acts of God.”
What Happens at Interim Occupancy?
Prior to your confirmed possession date you will sign the occupancy agreement and provide post-dated cheques for your anticipated occupancy fees to your solicitor.
What is a Pre-Delivery Inspection (PDI)?
This is an inspection of the condition of your home preceding possession. The intention of this inspection is to document the condition of your home at occupancy. It is not a statutory warranty form, but it does provide a sequential reference.
When Do I Get My Keys?
Your keys are given to you on the date that you take possession of your new Home and are part of the closing package you will receive. As the new Home Owner, you will be responsible to provide Proof of Property Insurance on the day of occupancy. We will confirm your proof of insurance when you pick up your keys.
When is Final Closing/Unit Transfer?
This is the time when you will receive official title to your home.
What Happens on Final Closing/Unit Transfer Date?
On final closing, the purchase and sale transaction detailed in your Agreement of Purchase and Sale will be completed and a statement of adjustments will be prepared by your Developer’s solicitor, (which will include any owing occupancy fees, realty taxes, common expenses, etc.) Once you make the last payment of the outstanding balance of the purchase price, your lawyer will receive a deed/transfer of title to your home.
How is My Moving Day Established?
The moving process usually starts with lower floors and finishes with the Penthouse suites. To avoid damage to the corridors and lobby area finishes, these may remain unfinished, as the final touches happen only when the majority of suites are occupied.
Do I Need to Buy Property Insurance?
Yes, as the new Home Owner you will be responsible to provide Proof of Property Insurance on the day of occupancy. We will confirm your proof of insurance when you pick up your keys. Insurance is required upon interim occupancy as well as after final closing to cover contents, liability, upgrades and improvements. This includes any upgrades that were purchased from the Declarant. Please contact your own insurance agent for this coverage prior to taking occupancy. It remains the owner's responsibility to ensure that proper Home Owner insurance is in place, even if the Unit is being rented.
Please Note: Secondary damage resulting from defects such as property damage, as well as personal injury, are not covered under the Tarion Warranty Corporation Act. You should discuss any additional coverage you may require with your insurance provider.