Real Estate Red Zone – Is Tarion Warranty Corp. Gouging Condo Investors? – Part 4

Toronto Condos Toronto Lofts“I owe how much?”

Real Estate Red Zone Is Tarion Warranty Corp. Gouging Condo Investors?
Part 4

Beware if you’re purchasing new to flip

Toronsto Star Apr 12, 2008

Is Tarion on a campaign to extract a double set of registration fees and performance bonds (or fines) from investors who buy and sell without moving in?

The logic of the warranty corporation’s position in this matter completely escapes me.

Tarion wants you to pay them $600 when you sell a contract assignment if the unit was not occupied while you had possession of it.

If you don’t pay, someone from Tarion will come knock on your door and can can be either fined $25,000 or be sent to prison for a year. Man that’s harsh and unfair. The new owner gets nothing from Tarion in return for your additional $600, the warranty just keeps running until it expires at seven years.

Sound the Red Zone Alarm! Twice!

There are endless pitfalls when buying or selling Real-Estate, and they going to come at you when you least expect it, so make sure you have a knowledgeable and loyal professional team on your side to facilitate your deal and to inform you of any surprises that you don’t know about, finally their job is to make sure your entire transaction completes smoothly from start to finish, and deal with anything that comes up – and it will.

Your team for completing a transaction will have a Realtor, a Real Estate Lawyer, and a Mortgage Broker.

We encourage everyone that is about to transact to get in touch and meet in person.

Yossi Kaplan, MBA
Sales Representative, Your Choice Realty Corp
885 Don Mills Rd suite 104

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