Tarion Warranty Program

The purchase of a new home always entails some risk, but this could be a surprise to those who are new to the real estate market. Property is 75% perception, and what this means is that although your house may look like something a real beauty and a bargain to boot from the outside, things could not not always what they seem and your new home can turn into a nightmare of repairs a few years.

It is a simple, very wicked, makes life that entrepreneurs are business people themselves. While most were treated fairly, there are manufacturers - more common than we like to think - who cut corners to make more profit on the homes they develop. Fortunately for the citizens of Ontario, there are laws at several levels who seek to place the burden of responsibility on manufacturers to make them do the best job possible on the construction of a house. The codification of these standards is known as the Ontario New Home Warranty Program, and was introduced in 1976.

Although Ontario New Home Warranty Program has been established for over three decades, some manufacturers have found loopholes to pass (the program's mission statement is to "protect consumers when builders fail to fulfill their warranty obligations "). Accordingly, the Ontario New Home Warranty Program was reorganized in 2003. The changes cover all the houses built on and after that date.

Among other things, the changes include a mandatory inspection of the house is listed by the manufacturer. This inspection was carried out with the manufacturer, the potential buyer, and one third through the house together. Not only do buyers have the opportunity to see how the systems in their new places of work, but also to see if something is missing in the structure that was supposed to be there.

Of course, the big question on the security for many homeowners is exactly what the amount is if a problem occurs. In 2006 the Tarion Warranty Corporation has extended coverage of houses under the Warranty Program, more accurately reflecting the cost of a new home in Ontario today. In fact, the company doubled the amount of money available to cover the guarantee of $ 150,000 to $ 300,000, which is applied to any new home in which the owner took possession on or after July 1, 2006.