Under the New Home Warranty and Builders Registration Act, all new home builders must register a warranty against new home defects with the Department of Community Affairs for varied periods of up to ten years.
The builder must provide the customer with a warranty covering various types of defects for one, two, or ten years at the time of closing or occupancy, whichever comes first. The rule applies to owner-occupied one- and two-family homes, cooperatives, condominiums, and modular or factory-built residences. It does not apply to resales, new rental units, refurbished homes, or mobile homes. If the building is sold, the remaining warranty years can be transferred to the new owners.
Interested in a career as a real estate agent? Visit www.tocrres.com/register to get started today.
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