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.
What is Mississippi Home Builder's Warranty Agreement? A Mississippi Home Builder's Warranty Agreement is a legally binding contract between a home builder and the homeowner that outlines the terms and conditions of warranty coverage for a newly constructed home in Mississippi. This agreement sets forth the builder's responsibilities in relation to defects or deficiencies in the construction process and provides the homeowners with certain rights and remedies. Keywords: Mississippi, Home Builder's Warranty Agreement, legally binding contract, warranty coverage, newly constructed home, terms and conditions, builder's responsibilities, defects, deficiencies, construction process, homeowner rights, remedies. Different types of Mississippi Home Builder's Warranty Agreement: 1. Structural Warranty: This type of warranty specifically covers major structural components of the home, such as the foundation, walls, roof, and framing. It ensures that these components meet industry standards and are free from major defects that could impact the home's stability and structural integrity. 2. Systems Warranty: A systems warranty focuses on the major mechanical systems of the home, including electrical, plumbing, heating, and cooling systems. It provides coverage for any malfunctions or failures within these systems during the specified warranty period. 3. Workmanship Warranty: A workmanship warranty protects homeowners against defects in workmanship or craftsmanship in the construction of their home. It covers issues such as incorrect installation, substandard materials, or poor work quality that may affect the functionality or appearance of the home. 4. Appliances and Fixtures Warranty: This warranty typically covers the appliances and fixtures included in the home, such as stoves, refrigerators, faucets, and lighting fixtures. It ensures that these items are in good working condition and will be repaired or replaced if they fail within the warranty period. 5. Limited Warranty: A limited warranty provides coverage for specific items or aspects of the home construction. It may have restrictions on the duration of coverage or specific exclusions mentioned in the agreement. 6. Extended Warranty: Some builders may offer extended warranties that go beyond the standard warranty period. These extended warranties provide additional coverage for an extended duration, giving homeowners peace of mind and added protection for their investment. It is important for homeowners to thoroughly review and understand the terms of the Mississippi Home Builder's Warranty Agreement before signing it. This will help ensure that they are aware of their rights and the extent of coverage provided for their new home.
