Ontario real estate lawyer, Jonathan Dippolito, explains how the Tarion Statement of Critical Dates affects pre-construction home and condo purchases in Ontario. He explains how builders set estimated completion dates but can legally extend those dates without compensation in many cases. The Tarion Statement of Critical Dates outlines key timelines for construction, occupancy, and closing, helping buyers understand when they can realistically take possession.

We also cover how delays beyond the Tarion outside or firm closing date may entitle purchasers to delayed closing compensation—$150 per day up to $7,500—unless the builder claims an unavoidable delay, such as a strike or natural disaster. Additionally, delays caused by a purchaser, such as failure to secure financing, can impact closing and expose the buyer to penalties.

Understanding these critical dates and the conditions around them is essential for anyone entering a pre-construction agreement in Ontario.

Ontario real estate lawyer, Jonathan Dippolito of Devry Smith Frank LLP and Woitzik Polsinelli LLP, focuses on a range of real estate matters, including pre-construction and newly built properties. Admitted to practice in Ontario and New York, Jonathan draws on his extensive experience to address potential uncertainties and financial implications, providing practical solutions tailored to each client’s situation.

For legal support in pre-construction matters, contact Jonathan Dippolito at jonathan@durhamlawyer.ca or 289-220-3229.