ANNOUNCER: I’m with Julien Luckasavitch from Cohen Highley. Julien, when buying a new freehold construction home, how do I know when my closing will take place?
JULIEN: Check your Tarion addendum to the agreement of purchase and sale for a statement of critical dates, it must be included when buying a new construction home from a builder.
ANNOUNCER: Is this always the firm deadline?
JULIEN: No. Often builders will close earlier, usually on the first tentative closing date or second tentative closing date, and they can delay closing from one date to the next on a proper notice to the buyer. There are also exceptions that may allow your builder to delay construction indefinitely, depending on outside factors that are not within their control.
ANNOUNCER: What are my rights?
JULIEN: If occupancy cannot be guaranteed by the final deadline, you may be able to terminate your agreement, recover deposit payments made plus interest, and receive delayed closing compensation of up to $7,500.
