The Tarion Accountability Agreement is a document that outlines the responsibilities of builders and the regulatory authority in the province of Ontario, Canada. It is a crucial agreement as it provides protection to homebuyers during the construction and post-construction period. This article will delve deeper into the Tarion Accountability Agreement, explaining what it is, why it is important, and the key provisions it contains.
What is the Tarion Accountability Agreement?
The Tarion Accountability Agreement is a legal document that outlines the responsibilities of builders and the regulatory authority for new homes built in Ontario, Canada. Tarion is a non-profit corporation that regulates home builders and provides warranties for new homes in the province. The Accountability Agreement is a critical component in ensuring that homebuyers in Ontario are protected from unscrupulous builders.
Why is it important?
The Tarion Accountability Agreement is essential as it sets out the roles and responsibilities of builders and the regulatory authority in Ontario. It ensures that builders meet certain standards and that they are providing adequate protection for homebuyers. The Agreement also establishes the dispute resolution process should a problem arise between the parties.
Key provisions
The Tarion Accountability Agreement is a lengthy document that contains several critical provisions. Some of the key provisions include:
– Builder registration: All builders in Ontario must be registered with Tarion before they can build new homes in the province.
– Deposit protection: Tarion provides deposit protection to homebuyers. Builders are required to place deposits in trust until the home is completed and closed.
– Warranty: The Agreement provides warranties for new homes, including a one-year warranty on workmanship and materials, a two-year warranty on electrical, plumbing, and heating systems, and a seven-year warranty on major structural defects.
– Dispute resolution: The Agreement establishes a dispute resolution process to address any issues that may arise between the builder and the homebuyer.
In conclusion, the Tarion Accountability Agreement is a critical document that provides essential protection to homebuyers in Ontario. It ensures that builders meet certain standards and are providing adequate protection to consumers. As a professional, it is important to ensure that any articles or content regarding the Agreement contain relevant keywords and are optimized for search engines to increase visibility and accessibility to readers.