Home Warranties
is the seller required to provide the buyer with a home warranty?
if so, isn’t your lawyer supposed to handle this part of the procedure. i just got a law suit for not providing a home warranty to the buyer, How would I know and is it in the selling contract or closing papers
Your agent should have taken care of this.
A home warrenty is not required, it is part of the sales package. You need to read both the offer you signed and your sales agreement.
Your RE agent will get involved with this, and their E and O insurnace should cover this. You should not be sued directly, this is one of those things you hire a RE for.
Free Special Report: Home Warranties
What are home warranties? They are service contracts covering a year, which helps protect the homeowners from unexpected costs on repairs and replacement on major home appliances and systems that break down, which are not included in a homeowner’s insurance. This warranty is becoming more and more popular because it provides protection immediately following a home purchase. The home warranty also covers structural and other defects of a new home or a resale home. Some may have specific limits and exclusions that make the policy appear difficult, unless the defect endangers the lives of the persons living in the house. Some warranties may have specific exclusions and limits that make the policy difficult, unless the defect poses a threat to the safety of the family living in the house. There are several reasons why purchasing a home warranty is important: 1. On the seller’s side, a home warranty could mean the magnet that draws a buyer to the home than to one who does not have a warranty. 2. It gives a seller a provision to have coverage on their property during the listing or sale period. This could be a great benefit on the part of the seller when sudden breakdowns occur on items under the coverage of the warranty. 3. This could mean extra insurance for the homebuyer to their home inspection. A wise buyer will understand that a seller providing or him or her purchasing a warranty for the home prior to the closing can offset mechanical surprises. 4. A home warranty is different from that of a home inspection, but this two should go hand in hand. It can lessen probable stress in the future for the homeowner. 5. The coverage is up to one year and renewable. It covers some aspects of a home and you can obtain added coverage for your appliances, water heaters, pools, plumbing, heating and air, roofs and wells. A homeowner will be able to save hundreds, if not thousand of dollars by just paying a small service fee in case something needs repair or has to be replaced. Home warranties are available through many insurance companies. When shopping around for the ideal one for you, do not hesitate to ask several questions including the deductible terms. Today, the cost of living causes a lot of worry without having to deal on the stress brought about by unforeseen issues in a newly acquired property concerning mechanical problems and breakdowns. A home warranty investment is indeed one of the wisest decisions on your real estate. In the event that heating system or the plumbing fails, the expenses could be quite staggering. Nobody wants to face costly repairs as soon as moving into a new home. This can be eliminated through a home warranty. When you are the seller, you want nothing else than for your transaction to go smoothly without the burden of repair costs. A warranty protects you and raises your chance of a fast and successful sale. This will not only give you peace of mind but also makes you feel better knowing that you are able to provide the new homeowner with an efficient protection as well. Be sure to read the plan presented to you carefully to insure that the items you want to seek coverage are listed there. The cost of a warranty generally ranges from $300-$600 per year, depending on the level of coverage. A seller or a buyer should not miss a very good and affordable investment.
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