Tarion has approved the new framework for the Major Structural Defect (MSD) warranty. The new MSD policy clarifies the definition of an MSD, increases builder accountability, and rolls back the enrolment fee structure. This new policy applies to homes sold on or after July 1, 2012.
Tarion last reviewed its Delayed Closing/Occupancy Warranty in 2008 and introduced new Tarion Addendum forms that must be attached to every purchase agreement. Since then, Tarion has reviewed these forms to provide more clarity and consumer disclosure. The proposed revisions were sent for public consultation twice within the last eight months.
The final changes have now been approved. The new forms can be used on a voluntary basis any time after July 1, 2012 and must be used for any purchase agreements signed on or after October 1, 2012.
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