A condominium unit's Firm Occupancy Date passes and occupancy is delayed by 70 days for reasons that are not an unavoidable delay. The builder gave the required notice of the delay, and the buyer has $900 in receipted moving and storage costs. What delayed occupancy compensation does Tarion's coverage provide?
Correct Answer
A) $7,500
Tarion's delayed occupancy coverage pays $150 a day for living expenses plus receipted costs, to a maximum of $7,500. Seventy days times $150 is $10,500, plus $900, for $11,400, but the total is capped at $7,500.
Why This Is the Correct Answer
$10,500 in per-diem plus $900 in receipts is $11,400, which is reduced to the $7,500 maximum.
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