REAL 4840 Lecture Notes - Lecture 7: Sleeping Bag, Title Insurance, Roofer
27 Nov 2017
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Document Summary
New home purchases - residential: very different from re-sale. If you want to have specific things, make sure it is included: you are often faced with delays. If builder says they want ,000 deposit, that excess ,000 is at risk if something goes wrong (ie: builder goes bankrupt etc. ) Rebate is roughly 2/3 of the hst payable (more complicated but gives you an idea) Every new home builder has to be registered with tarion (home warranty program) If a (cid:271)uilde(cid:396) does(cid:374)"t (cid:396)egiste(cid:396) ea(cid:272)h i(cid:374)di(cid:448)idual ho(cid:373)e, the(cid:455) a(cid:396)e su(cid:271)je(cid:272)t to significant fines. If (cid:271)uilde(cid:396) is(cid:374)"t (cid:396)egiste(cid:396)ed, (cid:455)ou a(cid:396)e still (cid:272)o(cid:448)e(cid:396)ed it is builder that is in trouble: never rely to tarion, tarion works good when house is a disaster. Covers major structural defects but does not do justice for the little stuff: always ask people who have lived in homes built by builders etc. Program: created in 1976 to administer the ontario new home.
