Introduction: Purchasing a new build condo in Ontario is an exciting endeavor, but it’s important to be aware of your rights as a buyer to ensure a smooth and satisfactory transaction. Ontario’s laws and regulations provide specific protections for purchasers of new build condos. In this blog post, we will explore your rights as a purchaser and the importance of seeking legal assistance from Falcon Law PC to navigate the intricacies of the process.
- Tarion Warranty Protection: Under the Tarion Warranty Corporation, purchasers of new build condos in Ontario are entitled to warranty coverage, which includes:
- One-Year Warranty: Covers defects in workmanship and materials.
- Two-Year Warranty: Covers major systems, such as plumbing, heating, and electrical.
- Seven-Year Warranty: Covers major structural defects.
Understanding the details of the warranty coverage and ensuring compliance with Tarion’s requirements is essential. Falcon Law PC can guide you through the warranty process and address any issues that may arise.
- Disclosure of Material Facts: Developers are required to provide purchasers with a disclosure statement containing essential information about the condo project. This includes details about the unit, amenities, finances, and other relevant aspects. If there are material changes to the disclosed information before the closing, the developer must inform the purchaser. Falcon Law PC can review the disclosure statement and advise you on your rights and obligations.
- Occupancy Period: During the occupancy period, which occurs before the condominium is officially registered, purchasers have the right to live in the unit. However, the unit is not owned by the purchaser at this stage. Falcon Law PC can assist you in understanding the occupancy agreement, ensuring fair terms and protecting your rights during this transitional period.
- Closing and Finalizing the Purchase: Once the condominium is registered, the closing occurs, and ownership of the unit is transferred to the purchaser. Falcon Law PC can review the purchase agreement, ensure compliance with legal requirements, and guide you through the closing process, protecting your interests as a buyer.
- Common Element Issues: Condominiums often have common elements, such as hallways, lobbies, and amenities, shared by all unit owners. Purchasers have the right to expect that these common elements are well-maintained and in good condition. If issues arise, Falcon Law PC can advise you on your rights and potential remedies.
Contact Falcon Law PC: To fully understand and protect your rights as a purchaser of a new build condo in Ontario, it is crucial to seek legal advice from professionals experienced in real estate law. Falcon Law PC specializes in real estate matters and can provide expert guidance and support throughout the purchasing process. Contact Falcon Law PC at 1-877-892-7778 or via email at info@falconlawyers.ca for personalized legal assistance.
Conclusion: As a purchaser of a new build condo in Ontario, understanding your rights is essential to ensure a successful and satisfactory transaction. From warranty protection and disclosure of material facts to navigating the occupancy period and finalizing the purchase, Falcon Law PC is dedicated to protecting your interests and providing comprehensive legal guidance. Contact Falcon Law PC today to ensure your rights as a purchaser of a new build condo in Ontario are safeguarded.
