What is a Home Builder’s Warranty Agreement?
When a new construction home is completed by a home builder, the client should be confident that the manufacturer or seller they’ve hired will provide high-quality products and perform high-quality work. In the construction industry, client confidence becomes even more critical as the high standards expected of contractors directly impact safety. In such situations, warranty contracts come in handy.
A construction warranty is a legal document in which the contractor provides a covenant that guarantees to the client (homeowner) that they will perform all works following building codes and standards and project specifications without flaws or defects. Breaching such an agreement results in monetary recovery of related damages and costs for material replacement or reparation works to be carried out at the contractor's expense.
The Magnuson-Moss Warranty Act, a US federal law enacted in 1975, regulates warranty contracts. It states that while not all products and services require written guarantees, if parties conclude one, then such an agreement must comply with the Act. This law aims to prevent manufacturers from misleading clients with inappropriate and unfairly made disclaimers on the guarantees.
Types of warranties
There are two general types of contractor warranty agreements:
- Express warranty is a written or verbal guarantee from the seller that the purchased product is of a certain quality and that the seller can replace or repair it if there are any defects.
- Implied warranty is a guarantee that the purchased product operates as it should.
Builders’ warranties operate under another classification because of industry specifics:
- Time-based warranty is the contractor’s promise to provide a particular thing in a defined condition at a specified time (for example, to guarantee the construction is waterproof for a certain number of years).
- General warranty is a guarantee to perform defined works according to the project blueprints and specifications without a time reference.
Preparing a new Home builder warranty To complete your paperwork correctly, use a verified home builder’s timely-based guarantee agreement from the US Legal Forms library. This multi-state editable and printable legal template requires you to fill out the following information:
- Name and contact details of the contractor and the buyer;
- Newly-constructed house description;
- List of items that are under builder’s guarantees (can be expanded);
- List of items the builder doesn’t take responsibility for (can be changed);
- Name of the state that will govern the agreement.
The Missouri Home Builder's Warranty Agreement is a legal contract that provides homeowners with protection and assurance against defects or issues in newly constructed homes. This warranty agreement outlines the responsibilities and guarantees of the home builder, providing peace of mind to homeowners. The Missouri Home Builder's Warranty Agreement covers various aspects of the home, including its structural integrity, electrical and plumbing systems, roofing, appliances, and overall workmanship. It ensures that the home is of good quality and meets industry standards. There are different types of Missouri Home Builder's Warranty Agreement that homeowners should be aware of, including: 1. Structural Warranty: This type of warranty provides coverage for defects or issues related to the home's foundation, load-bearing walls, beams, and other structural elements. It typically offers coverage for a specific period, such as 10 years. 2. Systems Warranty: This warranty focuses on the major systems of the home, such as electrical, plumbing, heating, ventilation, and air conditioning (HVAC). It safeguards homeowners against any malfunctions or deficiencies in these systems, typically for a period of 2 to 5 years. 3. Workmanship Warranty: This type of warranty covers the quality of workmanship and construction performed by the home builder. It ensures that the home was built with skill and professionalism and addresses any defects or issues that may arise due to poor workmanship. The duration of a workmanship warranty often ranges from 1 to 2 years. 4. Appliance Warranty: Some Missouri Home Builder's Warranty Agreements include coverage for appliances installed in the home, such as refrigerators, ovens, dishwashers, and laundry machines. This warranty protects homeowners if these appliances fail or experience issues within a specific timeframe, which can vary depending on the builder. It is essential for homeowners to thoroughly review the Missouri Home Builder's Warranty Agreement before purchasing a newly constructed home. This document outlines the terms and conditions of the warranty, including what is covered, how long the coverage lasts, and any limitations or exclusions. By understanding the different types of warranty coverage available under the Missouri Home Builder's Warranty Agreement, homeowners can make informed decisions and ensure that their investment is protected from unforeseen defects or issues.
