• Builders_HERO

    Builders

Financial Loss Coverage for Contract Homes

When you enter into a construction contract with an owner of land to build a new home on the owner’s property, the owner may be entitled to statutory protection for some or all of the money paid to you under the construction contract. 

If you fail to substantially perform the contract, the owner may be entitled to compensation for the difference between the amount they gave you and the value of the work and materials that you supplied, up to a maximum of $40,000.

Owners who wish to make a claim for financial loss protection are advised to contact Tarion. All documents that the buyer submits to Tarion in support of the claim may be provided to you and you will be given an opportunity to respond.
 

  

share