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.
Oklahoma Home Builder's Warranty Agreement is a legal contract that provides homeowners with specific protections and coverage for newly constructed homes in Oklahoma. This warranty is typically provided by the home builder or developer and ensures that the construction process has been done according to specified standards and guidelines. It offers peace of mind to homeowners by guaranteeing assistance with certain repairs, replacements, or maintenance issues that may arise within a certain timeframe. The Oklahoma Home Builder's Warranty Agreement is designed to safeguard homeowners against defects in materials, workmanship, and structural integrity. It covers a wide range of components such as electrical systems, plumbing, heating, cooling, and major appliances. The agreement usually lasts for a specific period, often ranging from one to ten years, offering varying levels of coverage based on the type of defect and the specific warranty terms. There are several types of Oklahoma Home Builder's Warranty Agreements, each offering different levels of coverage and protection: 1. Structural Warranty: This type of warranty guarantees the structural integrity of the property, ensuring that the foundation, load-bearing walls, roof, and other crucial components are free from defects. It typically lasts for ten years and protects homeowners from issues such as cracks in the foundation, sagging roofs, or structural failures. 2. Systems and Appliances Warranty: This warranty focuses on the functionality and performance of various systems within the home. It covers defects in electrical wiring, plumbing systems, HVAC (heating, ventilation, and air conditioning) systems, and major appliances such as refrigerators, ovens, and dishwashers. The coverage period for these systems and appliances warranties could range from one to five years. 3. Workmanship Warranty: This warranty ensures that the home builder has completed the construction work with reasonable skill and care. It covers issues arising from poor workmanship, such as loose fixtures, paint defects, or improperly installed finishes. Workmanship warranties usually last for a period of one to two years. 4. Manufacturer's Warranty: In addition to the home builder's warranty, certain components of the home, such as windows, roofing materials, or appliances, may come with their own manufacturer's warranty. While these warranties are not directly provided by the home builder, they supplement the overall coverage and protect homeowners from manufacturing defects in specific products. It is important for homeowners to thoroughly review the specific terms and conditions of the Oklahoma Home Builder's Warranty Agreement before signing. This agreement not only ensures protection against defects but also outlines the responsibilities of both the homeowner and the home builder in terms of necessary maintenance, reporting procedures, and dispute resolution. In summary, Oklahoma Home Builder's Warranty Agreement is a crucial document that safeguards the interests of homeowners by offering comprehensive coverage for defects and repairs in newly constructed homes. The agreement can vary in terms of coverage duration and type, including structural, systems and appliances, workmanship, and manufacturer's warranties.
