The Tarion addendum to a new freehold home purchase agreement sets a Firm Closing Date. According to Tarion, how long after the Firm Closing Date is the Outside Closing Date, the latest closing date available to the builder?
Correct Answer
B) 365 days
Tarion explains that for a freehold home with a firm closing date, the Outside Closing Date is 365 days after the Firm Closing Date and is the latest possible closing date available to the builder. If the home is not complete by then, the buyer has a 30-day period in which to terminate the agreement.
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