What Happens If You Cannot Close on Your Pre-Construction Condo Purchase?
Purchasing a pre-construction condominium can be an exciting opportunity. You secure a brand-new home at today’s prices, often with time to plan ahead for move-in. However, purchasers should be aware that failing to close on a pre-construction transaction can have serious legal and financial consequences.
A common misconception is that if a purchaser is unable to close, the builder will simply return their deposit and both parties will move on. Unfortunately, this is rarely the case.
What Happens If Your Pre-construction Project Gets Cancelled?
What happens if the pre-construction project you invested in gets cancelled? From financial risks to legal protections, it's important to know your options. Discover how to safeguard your investment and reduce the chances of being caught off guard. Read more to learn the steps you can take.
Knowing Your Rights to Delayed Occupancy Compensation Under the Tarion New Home Warranty
Did you know that under the Ontario New Home Warranties Plan Act, all new homes built in Ontario come with a builder-provided warranty? This includes compensation for delays in occupancy or closing dates. Understanding your rights and the process for claiming delayed occupancy compensation is essential. From the critical dates in your purchase agreement to the calculation of compensation and how to file a claim, there are several key details to be aware of. Don't miss out on crucial information that could impact your new home purchase.