Buying a New Home

New Home Buyers

		If you are considerin buying a new home from a builder or having a builder build you one the following information will help you understand what your rights are in the process and what legal protection you have against any risk or defect either in your monetary deposit with the builder or the contrustion standards of the builder.
		That's why it's so important to do your homework and gather as much information as possible about your potential new home before you sign the Agreement of Purchase and Sale
		To help prepare you for your purchase, we've created Top Ten Tips for New Home Buyers. It's a step-by-step list that provides research ideas, financial and legal resources, as well as practical maintenance advice. Together these tips will go a long way to ensuring that you're very happy with your new home.

Tarion provides important protection to you before and after you purchase your home

When you buy a new home or condominium in Ontario, your purchase is protected on the New Home Warranty program in Ontario. This programme protects your deposit against any risk during the period the builders are building your home and protects your investment (home) after construction and the house has been handed over to you when you take ownership.This protection is against any listed defects that the builders will be held responsible for.

To learn more about this warranty, you can preview or print a copy of a brief, easy-to-read brochure entitled "Warranty Coverage for New Homes in Ontario". The protection becomes
effective even the construction of the home has commenced. Once you provide the down payment for your new home, it's protected. You also have a right to compensation if your builder delays the completion and closing of the project and eventual sale without giving you proper notice as prescribed by law.

The final process that must be done by the builder before you take possession of your new home is what is called the Pre-Delivery Inspection (PDI). Tarion provides a PDI Checklist to help you ensure that this critical inspection is thorough and complete to ensure that all the necessary work has been done at this stage and that the property is essentially fit for occupation.

After moving in, you're entitled to a 1 Year, 2 Year and 7 Year warranty against defects in workmanship and materials. This warranty comes with certain obligations and milestones for you. It is therefore important that you understand the statutory warranty process.