Many first time buyers assume that the Seller is always somehow responsible when there is problem found in the home’s cooling, heating, plumbing, electrical or appliances after the Buyer moves in. Unless otherwise stated in the contract however, risk of loss often falls on the Buyer. Even where the contract provides that heating, plumbing, pool & equipment, electrical, etc. be “operative” on or until date of possession, problems always arise as to the timing of the breakdown and who is responsible for paying for the repairs.
Home Warranty plans help both the Buyer & Seller with these risks and concerns. For a small price (currently basic coverage is $500 to $600, slightly more for optional coverage), Sellers can provide to Buyer a one year warranty covering, specified heating, plumbing, electrical, water heater or appliance breakdowns. Coverage under most plans starts at closing (optional coverage can be made to start during the listing period ). In all policies, there are limitations and exclusions, read the policy closely. For example all covered items must be in working order at the start of coverage.
For Info on: Purchasing a home warranty contact Valerie Bomberger/RE/MAX agent.