What is Tarion and Why Do I Need It?
If you’re considering purchasing a new home in Ontario, Canada, you may have heard about Tarion. Tarion is a non-profit organization that provides new home warranty protection to homeowners, as well as regulates and licenses builders and vendors of new homes in Ontario. In this post, we’ll explore what Tarion is and why you need it.
What is Tarion?
Tarion was established in 1976 under the Ontario New Home Warranties Plan Act. It’s a private corporation that is responsible for administering the new home warranty program in Ontario. Its main purpose is to protect new home buyers by ensuring that builders and vendors meet certain standards and by providing warranty coverage for new homes.
If you are purchasing a new home from a builder or vendor in Ontario, you are required by law to have warranty coverage from Tarion. This warranty coverage includes new homes and condominiums protection for deposit and delayed closing, as well as coverage for defects in workmanship and materials, major structural defects, and issues related to the building’s electrical, plumbing, and heating systems.
In addition to providing warranty coverage, Tarion also provides information and resources to new home buyers to help them understand the home-buying process, their rights and responsibilities as new homeowners, and what to do if they encounter issues with their new home.
Why do you need Tarion?
As a new homeowner, you may be wondering why you need Tarion. Here are a few reasons:
Warranty Protection
One of the main reasons you need Tarion is for warranty protection. When you purchase a new home or condo, you’re making a significant investment. You want to make sure that your investment is protected in case anything goes wrong.
Peace of mind
Knowing that you have warranty protection can help alleviate some of the stress that comes with purchasing a new home. If something goes wrong, you can be confident that you’re covered.
Mediation and conciliation services
If you have a dispute with your builder, Tarion offers mediation and conciliation services to help resolve the issue. This can save you time and money, as well as reduce stress.
Financial protection
In the event that your builder goes bankrupt, Tarion provides financial protection. This ensures that you can complete your home and that you’re not left with an unfinished property.
Overall, Tarion is an important organization for anyone in Ontario who is purchasing a new home, as it provides valuable protection and support throughout the home-buying process. Make sure you understand your warranty coverage and your rights as a homeowner under the Ontario New Home Warranties Plan Act.
