WHEN DOES THE TARION NEW HOME WARRANTY COVERAGE BEGIN?
Warranty coverage takes effect from the date of closing (or, in a condominium, from the date of available occupancy). In the case of condominiums, warranty coverage also includes the shared areas referred to as common elements. The coverage for the common elements begins on the day the condominium corporation is registered. (Registration of a condominium usually takes place within a few months after available occupancy). Maximum coverage for a new residence is $150,000.00 (see details in www.Tarion.com). DEPOSIT PROTECTION: Deposit coverage begins the moment a deposit is paid. When you buy a new freehold home, you are protected against financial loss, including your deposit, to a maximum of $40,000.00, if the builder does not complete the sale through no fault of the purchaser (up to $20,000.00 if purchase agreement signed before February 1, 2003). When you buy a new condominium, deposits are protected up to $20,000.00 since new condominium purchasers are protected for deposits over $2
