A NEW HOME

1.     Make sure that both the builder and the home are registered under TARION, (formerly Ontario New Home Warranty). Without both the home and the builder being so registered, first time home buyers will not qualify for the Land Transfer Tax Rebate presently offered by the Ministry of Finance, which rebate can be up to a maximum of $2,000.

2.     Be prepared for the agreement to require multiple deposits at specified times during the construction process.

3.     Be prepared for the agreement to provide that the builder can change the closing date. You should monitor construction of your new home to determine when to give notice to your landlord of the termination of your apartment lease or to put your current home up for sale.

4.     On a new home there will be a GST rebate to which you are entitled. Typically this rebate is assigned by the purchaser to the builder and you are given a credit for the amount of the rebate on closing.

5.     Most builders will allow you up to five days to have the agreement reviewed by your solicitor. Take advantage of this and get the agreement to your solicitor as soon as possible after signing so that your solicitor may explain to you the implications of what is usually a very thick document.