All of the Realtor®‘s in Alberta just received an Alberta Real Estate Association Advisory in regards to ensuring proper warranties are included with the purchase of a new home. We thought this would be a great chance to bring some light to this issue and serve as an opportunity to educate prospective buyers.
According to the advisory, there has been an industry wide problem with some home builders selling new homes without a valid warranty.
We are bringing this to your attention as we want to make sure that if you are purchasing a new home, that you do your due diligence to ensure the builders are following the required warranty procedure. The extra light shun on this issue is to encourage Realtor®‘s working with builders, that their new home listings follow the required warranty legislation.
According to the New Home Buyer Protection Program here in Alberta, all brand new homes with building permits that were issued after February 1, 2014 must have a valid home warranty coverage included with the property. This act was put in to place to ensure that a new home purchased in Alberta would be protected for a designated period of time. At a minimum your new home warranty should protect your home for labor and materials for 1 year, 2 years for delivery and distribution systems such as heating and electrical, 5 years for the exterior of the home including the roof and walls, and 10 years for the major structural features such as the foundation and frame.
If you want to verify that a new build that you are interested in complies to the standards, we encourage you to use the Home Warranty Public Search which you can find here- http://homewarranty.alberta.ca/public-registry/
If you have any additional questions, please do not hesitate to contact us. We are your Greater Calgary Real Estate Connection. We are available for assistance 24/7 and are more than happy to help you with your new home search.