A builder gave proper written notice but closed a new freehold home 30 days after the Firm Closing Date in the Tarion addendum. The delay was not an unavoidable delay, and the buyer never agreed to a new date. The buyer has receipts for $1,200 in extra moving and storage costs. How much delayed closing compensation is owed?
Correct Answer
C) $5,700
Tarion's delayed closing coverage pays a fixed $150 a day for living expenses, with no receipts needed, plus other receipted costs such as moving and storage, up to a total of $7,500. Here 30 days times $150 is $4,500, plus $1,200 in receipted costs, for $5,700, which is under the $7,500 cap.
Why This Is the Correct Answer
$150 times 30 days is $4,500, plus $1,200 of receipted costs equals $5,700, which is below the $7,500 maximum.
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