4 helpful tips when buying a resale home
(NC) If you’re buying a resale home, the good news is that if it’s less than seven years old, it may still be under warranty. The statutory warranty for a new home lasts for seven years from the date the original buyer takes ownership – or in the case of a condo unit, takes possession.
To make sure you get the full benefit of the remaining warranty, here are four helpful tips:
- Find out if the home is enrolled. A new home doesn’t guarantee warranty coverage. There are certain homes that are not covered, such as renovated homes, owner-built homes, etc. To learn whether your home is enrolled, check the Ontario Builder Directory.
- Provide proof of ownership change. When you’ve confirmed your home is enrolled, notify Tarion, the organization that administers Ontario’s New Home Warranty program, of the ownership changes. New home owners are required to provide proof of ownership with a copy of the completed Agreement of Purchase and Sale, transfer deed and statement of adjustments. Owners will then have access to information about the home and its warranty.
- Determine who built the home. It’s important to know who the builder is if you require service or have inquiries. This information is also available in the Ontario Builder Directory. Connect with your builder if you notice issues with an item in your home that is still under warranty.
- Learn about your warranty. Discover what warranty coverage still applies and how to submit a claim. There are different warranty forms and deadlines you need to be aware of in order to access the coverage you are entitled to.
When a home has been previously owned, it’s important to know about its history, including its warranty coverage. Do your research both before and after signing the final purchase agreement. Find helpful resources at tarion.com.
Attention Editors: This content is reserved for distribution in Ontario only.