Rahul Sharma
Underwriter, Developer Solutions at Westmount Guarantee Services Inc. - Markham, ON, CA
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Westmount Guarantee Services Inc.
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Westmount Guarantee provides surety and residential real estate solutions for builders and developers. Westmount primarily provides two financial solutions – Tarion Bonds and Deposit Insurance.Tarion Bonds – Tarion is responsible for administering the Ontario New Home Warranties Plan Act, which outlines the warranty protection that new home and condominium builders must provide, by law, to their customers. To secure a builder's obligation to deliver that coverage, Tarion requires security from the builder. Westmount offers bonds to builders that satisfy Tarion's security requirements.Deposit Insurance – Westmount also provides insurance for condominium purchaser deposits in excess of the Tarion warranty protection of $20,000 per unit, which deposits would otherwise have to be left in trust. Deposit Insurance allows the builder access to those deposits for use in construction.With a Tarion Bond and Deposit Insurance from Westmount, you can have access to all of your purchaser deposits.