Know Your Rights
While it’s easy to get swept away in the excitement of buying a new house or condo, there are many things to consider before making a commitment. Keep these tips in mind to ensure your experience goes smoothly.
BUYING A NEW CONDO
When purchasing a new condo, patience is key. It could be a few years between the time you sign your purchase agreement and the date you take occupancy. Also be prepared for unforeseen delays when it comes to closing. Builders are entitled to extend the occupancy date specified in a purchase agreement as long as they provide proper notice. And, be ready to move into a construction zone! While your unit may be completed, you might be taking possession before common elements like the front reception and landscaping are finished.
BUYING A NEW HOUSE
First things first, make sure you research your builder. Go to Tarion.com and check the “Ontario Builder Directory” to ensure your builder is registered. Remember, in Ontario it’s mandatory for builders to be registered with Tarion – don’t be swayed by builders who claim it’s optional! As with condos there may be delays to closing, so consider that you may move in later than you initially agreed.
Once construction is complete don’t forget to perform a thorough Pre-Delivery Inspection to ensure your new home is free from defects and there is nothing missing or damaged. Once you move in, stay on top of the regular seasonal maintenance. If you don’t properly maintain your home, you could jeopardize your warranty rights.
Make sure you know your rights when buying a new home. We’ve only touched on a few important items. There are so many others that you should be familiar with. To learn more about your rights and responsibilities, visit tarion.com.