This Limited Warranty Certificate has been prepared to comply with the requirements of the federal Magnuson-Mass Warranty-Federal Trade Commission Improvement Act enacted in 1975 (15 U.S.C. Section 2301); certain language is required by regulations promulgated by the Federal Trade Commission (16 C.F.R. Section 701.3).
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
New Mexico Limited Warranty Certificate Issued to Owner of Condominium Unit — Explained Keywords: New Mexico, Limited Warranty Certificate, Condominium Unit, Owner, types Introduction: A New Mexico Limited Warranty Certificate Issued to the Owner of a Condominium Unit is a legal document that provides assurances and protection to the new owner of a condominium unit in the state of New Mexico. This certificate acts as a guarantee against any defects or faults in the construction and ensures that the unit has been built according to certain specified standards. There are different types of New Mexico Limited Warranty Certificates, each offering varying levels of coverage and protection. Types of New Mexico Limited Warranty Certificates: 1. Standard Limited Warranty: The Standard Limited Warranty is the most common type of certificate provided to the owner of a newly constructed condominium unit. It typically covers defects in materials and workmanship for a specific period, usually one year, from the date of possession. This warranty guarantees that the unit will be free from any significant construction defects that may arise during the initial occupancy period. 2. Extended Limited Warranty: The Extended Limited Warranty is an optional coverage offered by some developers or builders. It extends the warranty period beyond the standard one year to provide additional protection for a set timeframe, such as two or three years. This type of certificate offers increased peace of mind to the condominium unit owner, as it safeguards against potential issues that may emerge later on. 3. Structural Warranty: The Structural Warranty focuses specifically on the structural elements of the condominium unit. It provides coverage for a longer period, typically up to ten years, ensuring that the structure of the building, including the foundation, walls, and load-bearing components, are free from defects. This warranty is crucial as it protects the owner from significant issues that may develop over time and impact the structural integrity of the unit. 4. Limited Warranty on Systems: In addition to the structural elements, a Limited Warranty on Systems covers various mechanical and electrical systems within the condominium unit. This includes plumbing, electrical wiring, heating, ventilation, and air conditioning systems. This warranty ensures that these systems function properly and are defect-free within a specified timeframe, typically one to two years. Importance and Benefits: Obtaining a New Mexico Limited Warranty Certificate Issued to the Owner of a Condominium Unit offers multiple benefits and is essential for safeguarding the owner's investment. Some key advantages include: 1. Peace of Mind: With a limited warranty certificate, the owner can have peace of mind knowing that their unit is protected against defects and construction issues for a specified period. 2. Financial Protection: In case any covered defect arises within the warranty period, the owner is entitled to have the issue resolved by the developer or builder, potentially avoiding significant repair costs. 3. Increased Resale Value: Having a limited warranty certificate adds value to the condominium unit, as it reassures potential buyers that the property has been constructed according to certain standards and is protected against defects. Conclusion: Acquiring a New Mexico Limited Warranty Certificate is crucial for condominium unit owners, ensuring protection against construction defects and providing peace of mind. By understanding the types of warranties available, owners can make informed decisions and enjoy the benefits that come with this essential legal document.New Mexico Limited Warranty Certificate Issued to Owner of Condominium Unit — Explained Keywords: New Mexico, Limited Warranty Certificate, Condominium Unit, Owner, types Introduction: A New Mexico Limited Warranty Certificate Issued to the Owner of a Condominium Unit is a legal document that provides assurances and protection to the new owner of a condominium unit in the state of New Mexico. This certificate acts as a guarantee against any defects or faults in the construction and ensures that the unit has been built according to certain specified standards. There are different types of New Mexico Limited Warranty Certificates, each offering varying levels of coverage and protection. Types of New Mexico Limited Warranty Certificates: 1. Standard Limited Warranty: The Standard Limited Warranty is the most common type of certificate provided to the owner of a newly constructed condominium unit. It typically covers defects in materials and workmanship for a specific period, usually one year, from the date of possession. This warranty guarantees that the unit will be free from any significant construction defects that may arise during the initial occupancy period. 2. Extended Limited Warranty: The Extended Limited Warranty is an optional coverage offered by some developers or builders. It extends the warranty period beyond the standard one year to provide additional protection for a set timeframe, such as two or three years. This type of certificate offers increased peace of mind to the condominium unit owner, as it safeguards against potential issues that may emerge later on. 3. Structural Warranty: The Structural Warranty focuses specifically on the structural elements of the condominium unit. It provides coverage for a longer period, typically up to ten years, ensuring that the structure of the building, including the foundation, walls, and load-bearing components, are free from defects. This warranty is crucial as it protects the owner from significant issues that may develop over time and impact the structural integrity of the unit. 4. Limited Warranty on Systems: In addition to the structural elements, a Limited Warranty on Systems covers various mechanical and electrical systems within the condominium unit. This includes plumbing, electrical wiring, heating, ventilation, and air conditioning systems. This warranty ensures that these systems function properly and are defect-free within a specified timeframe, typically one to two years. Importance and Benefits: Obtaining a New Mexico Limited Warranty Certificate Issued to the Owner of a Condominium Unit offers multiple benefits and is essential for safeguarding the owner's investment. Some key advantages include: 1. Peace of Mind: With a limited warranty certificate, the owner can have peace of mind knowing that their unit is protected against defects and construction issues for a specified period. 2. Financial Protection: In case any covered defect arises within the warranty period, the owner is entitled to have the issue resolved by the developer or builder, potentially avoiding significant repair costs. 3. Increased Resale Value: Having a limited warranty certificate adds value to the condominium unit, as it reassures potential buyers that the property has been constructed according to certain standards and is protected against defects. Conclusion: Acquiring a New Mexico Limited Warranty Certificate is crucial for condominium unit owners, ensuring protection against construction defects and providing peace of mind. By understanding the types of warranties available, owners can make informed decisions and enjoy the benefits that come with this essential legal document.
