Oakville Homes

April 5, 2010

Do you know your Tarion rights?

alphainventions

As you know as a reader, I am very positive about you hiring a house inspector to protect your interest and investment in your home.  New or old.

But, no matter who you hire, you still have to follow certain guidelines in regards to your new home warranty and if you don’t, no matter how good or how much information your home inspector gives you, you will be very restricted in any legal recourse.  

So, I have copied the following article for your information in regards to the Tarion warranty.  Yes, builder dominated, but it’s the only ball game in town, so follow their rules or you’re out of the game.  The following article is clipped from the Ottawa Sun, and you know the problems they have had down there.  And remember, a professional house inspector can ensure you get maximum value from this warranty – a warranty you have paid for.

Monday, April 5, 2010

Be informed about your warranty

Read the fine print to get the most out of new home insurance

As a new home buyer you should be aware there is warranty coverage provided by your builder and guaranteed by Tarion Warranty Corporation.

But you won’t get it, if you don’t get it. That is, you have to take some time to understand how the warranty works in order to get the protection you deserve if you

encounter problems with your new home.

Here are some warranty coverage highlights:

DEPOSITS TO YOUR BUILDER ARE COVERED

If through no fault of your own, the builder does not complete the sale of your new home, your deposit is covered by Tarion.

Freehold homes are protected up to $40,000, while condominium units are protected up to $20,000. An additional $20,000 is secured by the builder through the

trust provisions of the Condominium Act, giving condo buyers a total of $40,000 in protection.

If you plan to put more than $40,000 down, make sure your builder puts that money into a trust account, and confirm that your lawyer is satisfied with the

arrangement.

DELAYS IN CLOSING OR OCCUPANCY ARE COVERED

New home builders must provide delayed closing coverage for freehold homes and delayed occupancy coverage for condos.

Your builder guarantees that your home will be ready either by a date specified in the purchase agreement or a date that has been properly extended if something

happens to delay the home’s completion.

In most cases, your builder will have to compensate you if a delay occurs. How much you receive will depend on the length of the delay and the date that your

purchase agreement was signed. Get full details at tarion.com.

PAY ATTENTION DURING YOUR PRE-DELIVERY INSPECTION (PDI)

The PDI takes place when your home is ready for you to take possession. It’s your first opportunity to see “the finished product” and assess its condition before

moving in. Your builder will provide a PDI form on which you should record any item that is incomplete, damaged, missing, inaccessible, or not operating properly.

Use this time wisely and pay attention to detail so that you don’t miss anything. If an item is not noted on the PDI form, there will be no record to show that it was or

wasn’t there before you moved in.

SEVEN YEARS AND UP TO $300,000 IN COVERAGE.

Your new home warranty offers a maximum of $300,000 in coverage and is broken out over one, two and seven year warranty periods, all of which take effect on

your home’s date of possession.

If you sell your home, the warranty remains in effect but stays with the home for the benefit of the new owner.

DON’T MISS THE DEADLINE FOR SUBMITTING FORMS.

It’s easy to get caught up in our busy lives but if you are approaching the one year mark in your new home, do not lose track of your warranty timelines.

There is a specific process for making claims to Tarion that involves forms which must be submitted on time or you will risk delaying—or even jeopardizing —your

warranty claim.

MAINTAIN YOUR HOME.

Conducting regular maintenance will protect your warranty.

Learning how to properly operate all the systems in your new home — including the heating. Reading the fine print to get the most out of new home insurance

electrical, plumbing and air conditioning systems will also help you avoid problems. To ensure proper upkeep, talk to your builder about what you should be doing

each season, both inside and outside your home.

To learn more about your new home warranty visit http://www.tarion.com or contact Tarion at 1-877-9TARION or email info@tarion.com.

— Tarion

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3 Comments »

  1. […] This post was mentioned on Twitter by First Release Homes . First Release Homes said: Do you know your Tarion rights? « Oakville Homes: New home builders must provide delayed closing coverage for free… http://bit.ly/aMNyAt […]

    Pingback by Tweets that mention Do you know your Tarion rights? « Oakville Homes -- Topsy.com — April 6, 2010 @ 7:32 pm | Reply

  2. ll new construction is built to Energy Star standards which include energy-efficient building techniques and features such as more effective insulation, high-performance windows, tight construction, more efficient heating and cooling equipment, and Energy Star rated lighting fixtures and appliances

    Comment by Maryland Home Builder — March 1, 2011 @ 1:28 am | Reply


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