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.
South Carolina Home Builder's Warranty Agreement is a legal contract between a builder and a homeowner in South Carolina that outlines the terms and conditions of a warranty provided by the builder for a new residential construction project. The purpose of this agreement is to protect the homeowner's investment by ensuring that any defects or issues with the construction will be resolved by the builder within a specified timeframe and in compliance with industry standards and regulations. Keywords: South Carolina, home builder's warranty agreement, legal contract, builder, homeowner, residential construction, warranty, defects, issues, investment, resolved, timeframe, industry standards, regulations. There are typically two types of South Carolina Home Builder's Warranty Agreements: 1. Structural Warranty: This type of warranty covers any major structural defects in the home, such as issues with the foundation, load-bearing walls, or roof. It guarantees that the builder will repair or replace any defective structural components within a specific period, usually ranging from 5 to 10 years. 2. Systems and Appliances Warranty: This warranty focuses on the various systems and appliances in the home, including HVAC systems, plumbing, electrical, and kitchen appliances. It provides assurance that these components will function properly for a designated period, typically around 1 to 2 years. If any defects or malfunctions arise during this time, the builder will be responsible for repair or replacement. South Carolina Home Builder's Warranty Agreements are essential documents that homeowners must carefully review and understand before signing. It is crucial to ascertain the specific coverage, duration, and conditions outlined in the agreement to ensure proper protection and avoid any misunderstandings in the future. Moreover, it is worth noting that the South Carolina Residential Builders Commission oversees the construction industry in the state, providing guidelines and regulations to protect homeowners. Builders are required to comply with these regulations, and the warranty agreement should reflect these standards to ensure the homeowner's rights are upheld. In conclusion, the South Carolina Home Builder's Warranty Agreement is a crucial aspect of new residential construction projects. It provides homeowners with peace of mind, knowing that any defects or issues related to the structure, systems, and appliances will be addressed by the builder within predetermined terms and timelines. Properly understanding the agreement's content and different types of warranties available is essential to protect the homeowner's investment and ensure a satisfactory living experience in their new South Carolina home.
