Rules Change For New Construction Condo Flippers

When a new home or condo has been purchased with the intention to flip it (sell it without actually occupying it), the seller must register the property with Tarion.

The seller must also now provide the buyer with a letter agreement stating that the sale is a resale deal, the start date of the warranty and the remaining warranty info along with the contact info. This letter agreement should be provided by the seller, at the seller’s expense to the buyer. The form must be picked up in person from Tarion and has a cost of $350.

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