Understanding a New Home Sales ContractBuying a brand-new home can mean a lot of different things — an opportunity to get the home you really want, a dream come true, an investment for the future, an achievement to be proud of. It is also a legal transaction that should never be done without a detailed written contract! The first rule of homebuying is to get it in writing! A contract, or Agreement of Purchase and Sale, as it is often referred to, spells out the terms between you and your builder — who, what, how, when and how much. It also sets out the rights, restrictions and obligations for each party. Without a detailed contract, there may be no reference point in case of a misunderstanding or disagreement between you and your builder. It may be impossible to prove what was agreed to, and difficult to enforce any arrangement or promise that’s not written down. Unlike resale transactions, there is no standard form of Agreement of Purchase and Sale for buying a new home. In some areas, builders may adapt model contracts prepared by their local home builders’ association or their new home warranty provider. Often, though, builders prepare their own agreements and require that you use those forms. As a result, new home contracts can vary considerably from one builder to another. Typically, a contract will contain information that’s specific to you, the purchaser, and the home you are buying, as well as general information outlining the builder’s practices, limitations, disclaimers and warranty. This fact…
Tarion Home WarrantyA new home may also be the most significant purchase you ever make. In addition to the financial commitment, there are a number of lifestyle and home design options you may need to consider. That’s why it’s so important to do your homework and gather as much information as possible about your potential new home before you sign the Agreement of Purchase and Sale. To help prepare you for your purchase, we’ve created Top Ten Tips for New Home Buyers. It’s a step-by-step list that provides research ideas, financial and legal resources, as well as practical maintenance advice. Together these tips will go a long way to ensuring that you’re very happy with your new home. Tarion provides important protection before and after your new home purchase When you buy a new home or condominium in Ontario, you enjoy the benefits of a comprehensive builder warranty. To learn more about this warranty, you can preview or print a copy of our concise, easy-to-read brochure entitled “Warranty Coverage for New Homes in Ontario“. Your new home warranty begins before you even move in. Once you provide the down payment for your new home, it’s protected. You also have a right to compensation if your builder delays the closing of the sale without giving you proper notice. See Understanding Deposit Protection and Understanding Delayed Closings and Occupancies to learn more. Before you take possession of your new home or condominium, your builder will walk you through…
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