Know Your Right - Buying a home

Buying a home is one of the biggest financial investments you’ll ever make. Before signing on the dotted line, you should do your research. Here are a few helpful tips to get you started: Make sure your broker or salesperson is registered with the Real Estate Council of Ontario, also known as RECO. Registered brokers and salespersons must follow laws and regulations as well as a Code of Ethics. If you have a complaint about a broker or salesperson, RECO will investigate and take appropriate action. Registered brokers and salespersons are also required to have consumer deposit insurance. This means if they commit fraud or go out of business, you may be covered up to $100,000. And remember, if you a buy a newly built house or condo in Ontario, you are entitled to a new home warranty under the Tarion Warranty Corporation. Warranty coverage may vary depending on the type of home you buy, but generally covers defects in workmanship, water penetration and major structural defects. It may also provide you with delayed closing and deposit protection Happy home hunting.