Know Your Rights When Buying Newly Built Condo in Ontario

When purchasing a newly built condo in Ontario, it is important to be aware of your rights as a buyer to ensure a smooth and satisfactory transaction. Here are some key rights you should be familiar with:

  1. Tarion Warranty Protection: The Tarion Warranty Corporation provides warranty coverage for new homes and condos in Ontario. It protects buyers against construction defects and ensures builders fulfill their warranty obligations.
  2. Cooling-off Period: As a buyer of a new condo, you have a 10-day cooling-off period during which you can cancel the agreement without penalty. This period starts from the time you receive a copy of the signed agreement or the disclosure documents, whichever is later.
  3. Occupancy Period: In some cases, you may have to occupy the condo before the final closing. During this occupancy period, you have certain rights, such as the right to live in a unit that meets the occupancy standards and the right to request information about the condominium corporation.
  4. Disclosures and Material Facts: Builders are required to provide disclosure statements containing important information about the condo, such as the unit’s size, estimated closing dates, and amenities. They must also disclose any material facts that may affect your decision to purchase.
  5. Tarion Enrollment: The builder is responsible for enrolling the condo project with Tarion, which provides additional consumer protection. Ensure that the builder has registered the project with Tarion and that you receive the necessary documentation.
  6. Common Elements: Understand your rights and responsibilities regarding the use and maintenance of common elements, such as common areas, amenities, and parking spaces.
  7. Dispute Resolution: If you encounter issues with the builder, there are dispute resolution processes available, including mediation and arbitration through Tarion or legal recourse through the courts.

It is essential to thoroughly review all agreements, documents, and warranties related to your condo purchase. Consider consulting a real estate lawyer to ensure you fully understand your rights and obligations as a buyer in Ontario.

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