Probably more often than not in today’s new home builds - but understanding your rights as a purchaser and the responsibilities of your developer are key to determining whether you should apply for compensation from your builder.
If you believe that you are entitled to compensation, or not sure, let us help:
Before we connect, please make sure you have your original Purchase Agreement and your Statement of Critical Dates plus any additional correspondence with regards to your closing.
“Many of our clients come to us not knowing if they qualify, but they are frustrated with the delays they have experienced with their builder. Condominium developers are notorious for pushing the envelope when it comes to meeting occupancy dates. Purchasers have rights and the more you know, the more power you have and it might just mean up to $7,500 back in your pocket. That’s something worth investigating.” - Mark Purdy
You have the right to occupancy of your new home based on the dates confirmed by your builder, either in the Purchase Agreement, or within the letter(s) provided, within an accepted period of time prior to occupancy. If that occupancy is delayed and sufficient notice is not provided, the purchaser may qualify for compensation up to $7,500.
You must file for occupancy compensation within 1 year of occupancy, or you lose the right to claim.
Don’t get caught in a war of words. Understanding your PURCHASE AGREEMENT is key to ensuring you know your rights and the responsibilities of your builder. Let’s look at the most common terms you might see: