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Increased delayed occupancy compensation for purchasers

Tarion warranty corporation has adopted new rules governing delayed occupancy closings for new condominium units, including an increase in the compensation that a purchaser is entitled to in the event that the delay exceeds the time limits permitted. Currently, the compensation is limited to $100 per day for living expenses, meals etc. With a maximum of $5,000. The new limits are $150 per day with a $7,500 maximum. The new rules are intended to come into force in 2008.