Deposit Protection

The Tarion Warranty for deposit protection protects the deposit that a home buyer pays towards a new home to a maximum of a specific amount. For a freehold home, the deposit is protected for up to a maximum of $40,000 and up to $20,000 for condominium units. These portions of a purchaser’s deposit will be protected in the event that a builder goes bankrupt or if the builder fundamentally breaches the agreement for some other reason. Essentially, if the deposit is forfeited through no fault of the purchaser, it will likely be covered by Tarion.

Posted in: Real Estate Corporate & Estates Law - Tarion Warranty