Consumer Protection

Buying a property is one of the biggest investment for most people.  Real estate industry in Ontario is strictly governed by RECO, an administrative authority, established by The Ontario Government.  So, conusmers are protected in various ways.  Of course, you have to find a licensed professional in order to enjoy some of the protection.

Deposit Protection (Resale Home)

One may think whether it is safe to deposit a cheque into the trust account of an agent.  In fact, your deposit protection is up to $100,000 for every real estate transaction as every brokerage and registered professionals are insured in Ontario.

Deposit Protection (New Home/Builder)

As a smart and business-minded consumer, you may doubt whether a real estate builder or developer can go bankrupt.  That's true.  It can happen in any countries. 

As a new home buyer in Ontario, you are protected!  Your maximum deposit protection is up to $100,000 per transaction.  So, you enjoy peace of mind to invest in new development while enjoying the potential benefits in pre-construction projects.

10-day Cooling Off Period (New Condo Purchase)

Being in a crowd presentation centre of a new condo project may give you a sense of pressure, you may sign an agreement of purchase and sale without a second thought.  The good news is every new condo buyer is entitled to have 10-day cooling off period under section 73 (2) of the Condo Act.  You have 10 days after receiving a fully executed agreement of purchase and sale (APS), disclosure document and the condo buyers' guide to reconsider whether you would like to go ahead with the deal or not.

New Home Warranty Protection (Applicable to most new residential properties)

After putting your lifetime saving into your new home, you expect to enjoy a new better way of living.  However, getting a "lemon" home is still possible as every home is built by hand and equipment which may have errors sometimes. 

The good news is every new home in Ontario is protected by Tarion (a non-profit consumer protection organization established by the Ontario Government).  Your home is protected by its 1-year, 2-year and 7-year warranty program.

That's why you have to pay for Tarion Enrollment Fee at closing.  This small fee can give you peace of mind and avoid any unexpected repairing costs due to builders' defect and errors.

Signing Agreement of Purchase and Sales Virtually

Many foreign buyers hesitate to buy a property because they are out of town and unable to sign related document in person.  They doubt whether virtual signature is legal binding or not.

The good news is the legislation for electronic signatures was already in place since 2015.  One of the most popular software the industry using is Authentisign & Docusign.  You can check out the video on the right and see how easy you can complete signing your agreement of purchase and sale (APS).  You are protected no matter where you sign your agreement for a real estate transaction.