Condo Conversions and Resales what is covered?

In the recent past, the conversion of older commercial industrial and retail buildings has become popular, and developers have dived into converting these buildings into attractive and sought-after condominiums and lofts. However, as a buyer, you should be aware
the Ontario New Home Warranty program does not cover these converted buildings.

If something untoward happens after construction, then the
condo or loft corporation will have to seek recourse on its own with from the developer without the help of ONHW program.

The Program currently will protect some or all of a buyer's deposit. It will also protect against defects in workmanship and materials,
major structural defects, protects against substitutions, and will protect buyers in regards to delayed occupancy.

Naturally these are important safeguards for any buyer and you should be aware from the outset, that they do not apply to condo or loft conversions,Another misconception that many first time buyer have is that they have a grace period when they purchase a resale unit. This only applies to a new developer purchase.