Tarion’s Highest Claims in History: What Tarion Can Do for You?
In the recent news, Tarion anticipates paying over $90 million to home-buyers this year, marking...
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Category: Legal and Regulatory
Interim Occupancy Vs. Final Closing – Understanding the Two-Stage Closing Process for New Condominiums in Ontario
Embarking on the condo buying journey in Ontario requires a clear understanding of its unique two-stage closing process. This blog aims to provide you with the knowledge and confidence to navigate this journey successfully.
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Deposit for Pre-construction Homes
Understanding the rules and regulations regarding deposits for pre-construction home purchases in Ontario is crucial. Whether you are buying a condo or a freehold home, it is essential to know if and how your deposit is protected and how to protect yourself financially.
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What to Do with Unexpected Construction Delays in Pre-Con Condos
Due to the pandemic and rising costs, pre-construction projects are facing delays or cancellations. Here’s what buyers can do to protect themselves. First, check your Tarion Critical Days. For pre-construction condos, there should be a Tentative Occupancy Form or a Firm Occupancy Form. The developer can change the tentative occupancy dates as long as they provide advanced notices that meet Tarion’s requirements. The Firm Occupancy date should be the final delivery date for the property. If possession cannot be completed by this date, buyers can request delayed occupancy compensation of up to $7,500 per unit. The Outside Occupancy Date is the final deadline for possession. If the unit cannot be occupied, buyers can terminate the transaction within the next 30 days with fully refunded deposits, interest, and delayed occupancy compensation. Keep in mind that some delays may be unavoidable, and not all delays will be compensated. Second, bring your Agreement of Purchase and Sale (APS) to your lawyer for legal advice. Clauses that may cause delays should be reviewed to protect your interests and avoid confusion. Your lawyer should also ensure that the developer complies with the APS and Tarion rules.
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Attention first-time home buyers: New benefit available – FHSA
Introducing the FHSA: An extra benefit for First-Time Home Buyers. Are you ready to take advantage of a new and exciting benefit? The First Home Saving Account (FHSA) is now available with most of Canadian banks
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Responsibilities and Rights of Tenants in Ontario
Are you a tenant in Ontario looking to have a wonderful living and rental experience? It’s important to know your rights and responsibilities according to the Residential Tenancies Act (RTA). As a good tenant, you should keep your rental property clean and fix any damages caused willfully or negligently. Remember, you’re not allowed to change the locking system without the landlord’s consent and should avoid harassing or threatening your landlord. Your rights include the right to quiet enjoyment of a properly maintained rental property and not to be evicted in bad faith. If facing eviction, you have the right to request a hearing from the Landlord and Tenant Board. Additionally, landlords can only evict you under specific circumstances, providing compensation or alternative housing. Make sure to use the Ontario Standard Lease and be aware of the guidelines for rent increases. By understanding your rights and responsibilities, you can create a positive and harmonious rental experience.
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Duties and Rights of Landlords in Ontario
Being a landlord is getting more challenging than ever. As a condo investor/landlord, what are the lawful rights and duties in Ontario? How to deal with tenants that would abide Ontario’s Residential Tenancy Acts while protecting your own interest?
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