TARION: Understanding the Condominium Unit Warranty
By Lucas on Apr 08, 2014
By Tarion
The warranty for your individual condo unit is separate from that of shared common elements. As the homeowner, it is your responsibility to understand and manage the warranty that comes with your individual condo unit. Here’s what you need to know.
Homeowner Information Package – A Guide to your New Home Warranty
As the owner, you are responsible for submitting warranty claims related to your unit on a timely basis. Your builder is required to provide you with a Homeowner Information Package, explaining what is and isn’t covered in your individual unit, how to make a claim and when to involve Tarion. You can be better prepared for your Pre-Delivery Inspection and your new home by reviewing this important document and its contents on your own time. It’s also available on tarion.com for you to review.
Deposit and Delayed Closing Protection
Your condo’s warranty is provided by the builder and backed by Tarion. Deposit protection and delayed closing protection begin before you move in. Deposits on condos are protected up to a maximum of $20,000 and deposits exceeding that are protected under the Condominium Act. In addition to deposit coverage, condo buyers may be entitled to compensation of up to $7,500 for a delay in closing if proper notice has not been given.
One, Two and Seven Year Warranties
When you take occupancy of your unit, your one, two and seven year warranties begin. Together, they provide coverage for a wide range of issues, including unauthorized substitutions of items agreed to in the purchase agreement, ensuring your unit is constructed in a workmanlike manner and free from defects in materials, and is fit for habitation.
The warranties also protect against defects to the electrical, heating and plumbing systems owned by your unit, issues with water penetration, violations of the Ontario Building Code and major structural defects. The one, two and seven year warranties provide different levels of coverage.
Depending on the condominium, the electrical, heating and plumbing systems may be considered part of the common elements and not your individual unit. Check your unit boundary document. It should clearly outline what is unit owned and what is owned by the common elements.
MyHome – A Convenient Online Service for Homebuyers
MyHome is a simple and convenient way for you to manage your warranty.
Using this online service, you can:
Submit personalized warranty forms electronically
Receive e-mail alerts for important warranty deadlines
Receive e-correspondence from Tarion
Upload photos and supporting documents
Manage your condominium unit warranty online. It's easy, fast and convenient.
Register today at myhome.tarion.com
For further inquiries, contact 1-877-982-7466 or email info@tarion.com. To learn more about warranty protection, visit tarion.com or like Tarion on Facebook for ongoing updates.
