Now What Happens? A Step-by-Step Guide
1. Wait and Watch: Construction Period
Your condo is being built! 🏗️ During this phase:
Expect regular updates from the builder.
Be prepared to make color and material selections for your unit. 🎨
Your deposit cheques will be cashed. 💰
2. Prepare for Occupancy
When construction nears completion, the developer will provide 120 days’ notice of your confirmed occupancy date.
This is when you take possession of your condo and begin paying occupancy fees (a temporary fee until final ownership).
3. When Will You Officially Own the Condo?
Ownership occurs after the condo is registered with the Land Registry Office.
This can take 2 to 5 months after the building is near completion.
Once registered, a final closing date is set, and the title of the unit is officially transferred to you. 🏡
Pro Tip: Ensure your mortgage is set up and ready to go before the final closing date!
4. What About Tarion and Your Warranty?
When you take possession, the builder will schedule a Pre-Delivery Inspection (PDI) to identify any deficiencies.
Be prepared: Bring someone skilled in PDIs to ensure all issues are noted, as this document is part of your Tarion Warranty.
Don’t forget to register your condo with Tarion under the "MyHome" tab once you take possession.
Helpful Links
Tarion Home Warranty: tarion.com
Tarion MyHome Registration: myhome.tarion.com
The Ontario New Home Warranties Plan Act: CanLII Resource
Warranty Information for Condos: https://www.tarion.com/media/warranty-information-sheets
Registrar Advisory on Regulatory Changes: https://www.tarion.com/registrar-bulletins
