Tarion firm closing date form 2025

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The document outlines the terms and conditions related to the Delayed Occupancy Warranty for a property purchase agreement between a Vendor and Purchaser. It details critical dates for occupancy, procedures for notifying delays, compensation for delayed occupancy, and conditions under which the Purchaser can terminate the agreement. Additionally, it includes provisions regarding early termination conditions, adjustments to the purchase price, and responsibilities of both parties during the occupancy period.

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What is an addendum simple meaning?

1. : a thing added : addition. 2. : a supplement to a book. often used in plural but singular in construction.

What is an example of an addendum?

For example, This Addendum amends the Agreement dated [DATE] between [PARTY 1 NAME] and [PARTY 2 NAME]. Clear and specific language outlining the changes, clarifications, or additions being made. This should leave no ambiguity regarding how the original contract is being modified.

What is the firm occupancy date for tarion?

The Firm Occupancy Date The date that you and your builder agreed your inium unit will be ready for you to move in. If this date is not met, your builder must set a Delayed Occupancy Date and you are entitled to delayed occupancy compensation.

What is a tarion addendum?

The Addendum sets out standard contract provisions related to closing dates and delays. You must include the applicable Addendum with every purchase agreement and complete it in full. To coincide with the launch of the Home Construction Regulatory Authority (HCRA), the Addendum was updated.

What is delayed closing compensation?

Delayed closing compensation for living expenses (meals and accommodation) is payable based on a fixed amount of $150 a day for each day of delay until the Delayed Closing Date or the date that the purchase agreement is terminated.

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What does tarion mean?

Tarion, formerly known as the Ontario New Home Warranty Program, is a not-for-profit consumer protection organization established by the Government of Ontario in 1976 to administer the provinces new home warranty program as outlined in the Ontario New Home Warranties Plan Act.

What is the purpose of the addendum?

An addendum clarifies and adds things not initially part of the original contract or agreement. Think of addendums as additions to the original agreement (for example, adding a deadline where none existed in the original version).

What is a tentative closing date?

First Tentative Closing Date means the date on which the Vendor, at the time of signing the Purchase Agreement, anticipates that it will be able to close, as set out in the Statement of Critical Dates.

Tarion firm closing date form 2025

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