Over the past 10 to 15 years, a number of older commercial, industrial and retail buildings have been converted into condominium lofts and apartments. Many are extremely attractive and have been well converted. However, the Tarion Warranty Program does not cover these converted buildings. If something goes wrong, then the condominium corporation is on its own to go after the builder/developer.
The Tarion Warranty Program protects some or all of a Buyer's deposit. In addition, it:
-Protects against defects in workmanship and materials
-Protects against major structural defects
-Protects against substitutions
-Protects Buyers with respect to delayed occupancy
These are important safeguards for a Buyer and it should be made clear that this protection does not apply when purchasing a condominium conversion. For more information on Tarion, go to www.tarion.com