The applicants appealed a decision by Tarion Warranty Corporation denying their claim for a deposit refund and delayed closing compensation under the Ontario New Home Warranties Plan Act.
The applicants had entered into an agreement to purchase a new home and paid a $27,000 deposit, but the transaction failed to close due to a dispute over funds.
The applicants subsequently sued the vendor in Superior Court and settled the action for $60,000, signing a full and final release.
The Licence Appeal Tribunal dismissed the appeal, finding that the applicants were not owners entitled to delayed closing compensation, did not meet the statutory requirements for a deposit refund, and were precluded from further recovery by the full and final release.