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In the case of significant delays, a buyer has some recourse. They have the right to compensation due to delayed occupancy, if the Firm Occupancy Date is not met or occupancy is delayed beyond the Outside Occupancy Date.
To receive compensation in case of delay beyond the Outside Occupancy Date, a buyer must exercise the right to terminate within the 30-day Purchaser’s Termination Period. If the Firm Occupancy Date is not met, delayed occupancy compensation is payable.
Compensation of $150 per day is available for living expenses (meals, accommodations) and other costs (storage, additional moving fees) up to a maximum of $7,500. A buyer reviews the Tarion Addendum, is recommended, if a builder asks to delay an occupancy date. It contains specific rules for changing dates by mutual agreement.
If necessary, a buyer should seek advice from a real estate lawyer. Accepting a change of dates may result in a buyer waiving their right to compensation.