Yes, even resale homes can come with a warranty
(NC) Are you looking to buy – or have you just bought – a resale house or condominium unit that is less than seven years old?
If so, there’s a very good chance you still have some warranty coverage. That’s because the standard warranty on new homes in Ontario stays with every home even after it’s sold by the original owner.
Knowing how much coverage you have and how the warranty works will come in handy if you notice any issues. Read on for answers to the most commonly asked questions by buyers of resale homes that are still under warranty.
How do I find out if my home still has warranty?
With the online Ontario Builder Directory, it’s easy to figure out if your home is enrolled in the province’s warranty program. Enter the address on the Tarion website, the private corporation set up by the Ontario government to administer the new home warranty program. It only takes a few moments to determine if your home is covered and how much warranty is left.
How do I transfer the warranty to my name?
If you want to take advantage of remaining warranty coverage, provide the home warranty administrator with a copy of your purchase agreement. As soon as your name is on file as the current owner, you’re good to go. You can even register online to submit claims and access your home’s warranty history.
What does the warranty cover?
Ontario’s new home warranty is broken down into one-, two- and seven-year coverages. The one-year warranty is a comprehensive warranty that covers general defects in work and materials. The two-year warranty covers the following: defects in your home’s plumbing; electrical and heating systems; water penetration through the foundation or other parts of your home; defects related to exterior cladding; and, Ontario Building Code violations that affect health and safety. Finally, the seven-year warranty provides coverage against major structural defects.