You may not be a new home buyer, but you're definitely a newish home buyer. That's because the resale house or condo you bought was built only a year or so ago. And since just about every newly built home in Ontario comes with a seven-year warranty backed by Tarion, there’s a very good chance you’re still covered.
You might be asking a few questions right now/ like "How does the warranty get transferred from the previous owner to me?" or "What if there are warranty claims that are currently in progress?" Before you go ahead and make some of the common mistakes other subsequent owners make, take a look at these three important facts:
The warranty is not automatically transferred to you
1. The warranty is not automatically transferred to you
Many subsequent owners of a home that is still under warranty are under the impression that their real estate agent or lawyer will take care of the warranty transfer for them. This is not true (at least in most cases). It’s fair to assume that transferring your home’s warranty coverage to your name is up to you. The good news is that it’s very easy to do. Call us and let us know that you want your name added to the file as the new owner. Make sure that you have your Agreement of Purchase and Sale and your transfer deed handy, because we’ll ask for a copy for our records. That’s all there is to it.
2. You will need to create your own MyHome account
MyHome is Tarion’s online tool for homeowners, and it’s something you should get onto ASAP. Not only does it allow you to submit new warranty claims, but you can also look up any claims that may have been submitted by the previous owner. Chances are there will already be a MyHome account created for your home by the previous owner, and they might even pass on their MyHome credentials to you. If so, don’t use them. Create a new account instead that is in your name and has your contact information. This will ensure you receive e-mail reminders for important warranty dates and deadlines. Registering a new account for MyHome only takes minutes, and we’re here to help if you need it.
3. You may be able to act on a warranty claim submitted by the previous owner
If your home has a warranty claim that is currently in progress, you need to look into it right away so that you don’t risk missing out on potential repairs. As mentioned earlier, register for MyHome and check for any submitted warranty forms. Then have a look at the related correspondence – that’s where Tarion explains the process for resolving the warranty claim and indicates when you can ask for Tarion’s help in the form of a “conciliation.” If you’re able to request a conciliation on a form submitted by the previous owner, it is in your best interest to do so – otherwise you may not be able to have the claim resolved.
Knowing these three things will help make your transition into a home that is still under warranty a lot easier. If you have more questions, contact us.