A form of insurance
plan for new homes that involve warranties
for specified defects over a certain period
of time.
New home owners
benefit from One Year Warranty
Protection and Two Year Warranty Protection
against defects in work and materials, and
Seven Year Warranty Protection against major
structural defects (MSD).
Warranty coverage
begins on the date of possession of a home
or condominium unit, and remains in effect
until the end of the warranty period, even
if the home is sold before the warranty
expires.
For condominiums,
warranty coverage also includes the shared
areas of the building, referred to as the
common elements.
Coverage for
common elements begins on the day the
condominium corporation is registered.
However, there is no warranty coverage for common
elements condominiums or the common
elements of vacant land condominiums.
After taking
possession of their new home, homeowners
should note the specific anniversary dates
of the first, second and seven year
warranties. For example, if the possession
date of a home is August 5, 2003 the first
year warranty would expire at midnight on
August 4, 2004; the second year warranty
would expire at midnight on August 4, 2005;
and the seven year warranty would expire at
midnight on August 4, 2010. Tarion cannot
respond to complaints unless there is
written proof that the problem was reported
to us within the applicable warranty period.
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