A Tarion agreement is a document that outlines the warranty terms and conditions for new homes in Ontario, Canada. It is required by law that all builders of new homes in Ontario must provide the Tarion agreement to their buyers before the sale of the property is finalized.
The Tarion agreement is a crucial document for new homeowners, as it outlines the protections and warranties that come with their purchase. It also serves as a reference for any potential issues or defects with the property that may arise during the first few years of ownership.
One of the main components of the Tarion agreement is the warranty coverage for the new home. This includes coverage for any defects in workmanship and materials, as well as coverage for major structural defects. The coverage period for these warranties varies depending on the type of defect, but typically ranges from one to seven years.
It is important to note that the Tarion agreement is not a substitute for home insurance. While the Tarion warranty covers some aspects of the home, it is not intended to replace the need for insurance coverage. Homeowners should still obtain proper insurance coverage for their property to ensure full protection and coverage in case of unforeseen circumstances.
In the event that a homeowner experiences any issues with their new home, the Tarion agreement provides a dispute resolution process. This process is designed to help homeowners and builders resolve any issues or disputes in a fair and timely manner. Homeowners can submit a claim to Tarion for review, and Tarion will work with both the homeowner and builder to resolve the issue.
Overall, the Tarion agreement provides essential protections and warranties for new homeowners in Ontario. It is important for buyers to carefully review and understand the terms and conditions outlined in the agreement before finalizing a purchase. By doing so, they can ensure that their new home is covered by the necessary warranties and protections, and that any potential issues will be resolved in a timely and fair manner.