Generally for purchase agreements signed on or after July 1, 2008
Every builder of a new condominium in Ontario must provide the delayed occupancy warranty to buyers at the time the purchase agreement is signed. Through this warranty your builder is guaranteeing that your condominium unit will be completed by a mutually agreed upon Occupancy Date, or by an Occupancy Date that has been properly extended.
Details about the delayed occupancy warranty are provided in the Tarion Addendum attached to your purchase agreement. If you are unsure about your rights regarding occupancy delays you may wish to seek the advice of a lawyer.
Your builder has the option of providing one of two types of Occupancy Dates:
Firm Occupancy Date – For when your builder is confident your condominium unit can be completed by a specified date. If the date is not met, your builder is required to provide delayed occupancy compensation.
Tentative Occupancy Date – For when your builder is less able to determine a precise date that your condominium unit can be completed. For example, if construction has not yet started, or if there are unpredictable obstacles which could slow completion.