On December 8, 2011, Tarion’s Board of Directors approved the following Discussion Paper for the purpose of circulating to stakeholders and receiving input on proposed changes to Tarion’s BAF process. The formal consultation period ended on March 12, 2012. Updates regarding final regulation changes and policy decisions, related to this review, will be posted on this site later this year.
Some preliminary suggestions for changes that have been outlined in this paper are as follows:
- “Fast Track” process
- End publication of BAF decisions
- Fewer lawyers
- Reduction of costs
- Allow for deposit and financial loss claims in BAF process
- Different processes for warrantability vs chargeability