For many people, buying a home is the biggest and most expensive transaction of their life. It's no surprise that people who buy a new home are interested in warranties that promise to repair or replace certain parts of the home for a period of time if necessary.
According to the Federal Trade Commission (FTC), the national consumer protection agency, if you are considering taking out a warranty for your newly built home like in this Lavaltrie real estate project, it is important that you understand what it covers, how you can apply for coverage, and how to resolve any disputes that may arise between you and the builder or the company selling you the warranty.
The warranty on new homes must be taken out by the builder and is the responsibility of the Régie du bâtiment du Québec, which sets the terms. From the name of "Garantie Construction Résidentielle" or GCR, it is compulsory. Depending on the province, the name of the organization differs.
The guarantee of the sale contract of your future home
In principle, the guarantee for a new property is indicated on the contract of sale thereof. It lasts for a year following a sale and covers labor as well as materials. In some provinces such as Ontario, British Columbia and Quebec, additional warranty must be requested from an independent company and it is mandatory unlike other provinces where it is optional.
It is imperative to ask the builder of your property to provide you with detailed explanations of the guarantees that exist.If the construction company is unable to complete the work, find out what your recourse is.The sales contract must mention whether the construction company is registered with a guarantee organization for new real estate and must also indicate whether your property is covered by this supplier who must give you a guarantee number.When selling a property, it is also imperative to request written information in order to study it quietly at home.Ask for information from the warranty provider and call for answers to all your questions.
Your financial institution may also ask that the purchase of your property be protected by a third party guarantee to allow you to have a mortgage. It is a good idea to know more about coverage and warranty exclusions. Some builders provide a home maintenance manual to prevent negligence by some homeowners which could void the warranty.
The construction company must also provide you with the manufacturers' warranties on the products used in the construction of your property, but it is not responsible for these additional warranties. It is also imperative to have information on the after-sales service set up by the construction company, as some offer regular visits and contacts throughout the first year.
Finally, the builder will have to show you your property from top to bottom before entering it, whether inside or outside, in order to make sure that its finish is correct and will ask you to note any deficiencies or defects.