Comments on: New Construction Warranties http://raincityguide.com/2006/03/10/new-construction-warranties/ Seattle's Leading Resource for Real Estate Information Sat, 21 Nov 2009 06:01:18 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: osman http://raincityguide.com/2006/03/10/new-construction-warranties/#comment-2735 osman Sat, 11 Mar 2006 20:46:50 +0000 http://raincityguide.com/2006/03/10/new-construction-warranties/#comment-2735 I thought Caveat Emptor was the old adage. These days, as the amount of writing piles higher and higher, "getting it in writing" seems to mean less and less. When I was working in real estate on Nantucket, we usually used a one page purchase agreement drafted by the firm's attorney. It was simple to read and understand. Meanwhile, here in Colorado the contract is 11 pages long, difficult to understand, and packed with legalese. A few weeks ago I read aloud and explained in detail this contract (visually impaired client) and to get through all of her questions took 6 hours over two meetings Sadly, the majority of buyers and sellers don't bother to completely read and understand the contracts that govern real estate transactions. I thought Caveat Emptor was the old adage.

These days, as the amount of writing piles higher and higher, “getting it in writing” seems to mean less and less. When I was working in real estate on Nantucket, we usually used a one page purchase agreement drafted by the firm’s attorney. It was simple to read and understand.

Meanwhile, here in Colorado the contract is 11 pages long, difficult to understand, and packed with legalese. A few weeks ago I read aloud and explained in detail this contract (visually impaired client) and to get through all of her questions took 6 hours over two meetings

Sadly, the majority of buyers and sellers don’t bother to completely read and understand the contracts that govern real estate transactions.

]]> By: ARDELL http://raincityguide.com/2006/03/10/new-construction-warranties/#comment-2734 ARDELL Sat, 11 Mar 2006 19:01:37 +0000 http://raincityguide.com/2006/03/10/new-construction-warranties/#comment-2734 Of note: If the builder's warranty is insufficient or non-existent, there are warranty companies that can provide you with a similar warranty that the buyer can purchase, to compensate for the builder's "weakness" in that area. These are not the standard 1 year warranties that are generally offered in real estate transactions, but specialized warranties for new construction. Of note: If the builder’s warranty is insufficient or non-existent, there are warranty companies that can provide you with a similar warranty that the buyer can purchase, to compensate for the builder’s “weakness” in that area. These are not the standard 1 year warranties that are generally offered in real estate transactions, but specialized warranties for new construction.

]]> By: 3 cents http://raincityguide.com/2006/03/10/new-construction-warranties/#comment-2725 3 cents Sat, 11 Mar 2006 03:54:45 +0000 http://raincityguide.com/2006/03/10/new-construction-warranties/#comment-2725 Good topic Russ. As you know, where there's a warranty, there's a disclaimer. While certain warranties cannot be disclaimed,such as the new construction implied warranty you speak of, some can be. But be aware that disclaimers usually have to be CONSPICUOUS and buried in the fine print. So, if you get screwed by a warranty disclaimer have your atty make sure of 2 things: 1. the disclaimer is permitted under the law and 2. the warranty was disclaimed properly. goo Good topic Russ.

As you know, where there’s a warranty, there’s a disclaimer. While certain warranties cannot be disclaimed,such as the new construction implied warranty you speak of, some can be.

But be aware that disclaimers usually have to be CONSPICUOUS and buried in the fine print.

So, if you get screwed by a warranty disclaimer have your atty make sure of 2 things: 1. the disclaimer is permitted under the law and 2. the warranty was disclaimed properly.

goo

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