Get fully informed about your new home warranty
(NC)—One of the many advantages of buying a newly built home is the fact that pretty well all new homes in Ontario come with a statutory warranty.
In fact, the warranty program in this province offers coverage up to a maximum of $300,000 on each property. It is administered by Tarion Warranty Corporation and covers your new home for up to seven years. In the event a sale can't be completed, there is also deposit protection up to a maximum of $40,000 for new houses and $20,000 for new condos (excess deposit amounts are protected by the trust provisions of the Condominium Act).
The warranty is broken out over one-, two- and seven-year coverage periods, at which times purchasers can apply to Tarion and their builder to remedy any problems that may have arisen since they have taken possession of their new home.
The one-year warranty protects against defects in workmanship and materials and any violations to the Ontario Building Code. The two-year warranty protects against defects in the electrical, plumbing and heating systems, any water penetration issues and defects in the exterior cladding. Finally, the seven-year warranty protects against major structural defects that could affect the safety of the dwelling, such as the failure of a load bearing wall.
A complete overview of the home warranty program is found in a document called the Homeowner Information Package. Your builder is required by law to provide you with access to a copy of it before, or at the closing of your new home.
The law dictates that all new homes in Ontario come with this mandatory warranty coverage. It is also required by law that all new home builders in the province be registered with the Tarion Warranty Corporation. If your builder does not readily provide you with requested warranty rights information, you are advised to think twice about purchasing that home.
More information is available online at www.tarion.com.
Word count: 320
Attention Editors: Please note that this article is for use in Ontario only.
Articles are provided free of charge. Articles appearing on web sites, must credit www.newscanada.com. Articles appearing in Print, must credit News Canada with (NC) at beginning of an article or – News Canada at the end. Any source/sponsor of the information quoted in the text must also be identified as presented. Images are only to be used with corresponding editorial copy. Usage of News Canada articles constitutes your acceptance of these terms and an agreement between you and News Canada.
Image Instructions - Note: Illegal to use without News Canada editorial.
To open/download image(s) used in this article, please click the following links:Click here for image file: «80641H.jpg»