Implied vs. Written Warranties: Do you know the difference?

ARE YOU PROTECTED?Implied warranty laws are subject to vague and unpredictable interpretations that can vary from one court decision to another. Using an express limited warranty that disclaims all implied warranties eliminates this uncertainty,and helps set a buyer’s expectations.
IMPLIED WARRANTIES <VS.> WRITTEN WARRANTIES
Created by legislation or the courts and are open for interpretation. Written and clearly defined construction standards that follow NAHB.
Apply even if the builder makes no specific written or oral agreement. Clearly laid out responsibilities of both the builder and homeowner.
Recognized by every state, excluding Utah, differing only in scope and duration. Binding on both the builder and the homeowner; acknowledged to be the sole and exclusive warranty.
Courts determine what is covered by the warranty, not the parties to the contract. Provides arbitration as a dispute resolution tool for construction problems that may develop or be discovered after closing.
Generally last from 5-10 years; many states extending to second, third or later homeowners. Shifts the financial responsibility of a structural defect loss from the builder to the warranty’s insurer for a full 10 years.

Trackbacks/Pingbacks

  1. The gold standard—what are you offering your home buyers? | THE HAPPY HOMES BLOG - May 14, 2013

    […] Warranty contract language–does the warranty contract accurately and clearly define what is and is not covered. […]

  2. THE HAPPY HOMES BLOG | The gold standard—what are you offering your home buyers? - July 16, 2013

    […] Warranty contract language–does the warranty contract accurately and clearly define what is and is not covered. […]

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