Sellers Home Warranty
A Complete Guide
A Sellers Home Warranty, also known as a Seller’s Protection Plan or Seller’s Warranty, is a service contract offered by homeowners or sellers to potential buyers as an added incentive in a real estate transaction. This warranty is designed to provide assurance to buyers by covering certain aspects of the property, typically for a specified period after the sale. It can make a property more attractive to buyers and potentially expedite the sale.
What Does a Sellers Home Warranty Cover?
One of the key aspects of a homeowners warranty is the coverage it offers. These warranties typically cover a range of systems and appliances commonly found in homes. Common items covered may include:
Benefits of a Sellers Home Warranty
Offering a Sellers Home Warranty can provide several benefits to sellers:
Competitive Advantage
A warranty can make the property stand out in a competitive market and attract more buyers.
Buyer Confidence
Buyers may feel more confident about the purchase, knowing that certain issues are covered.
Faster Sale
A warranty can help expedite the sale by addressing buyer concerns upfront.
Risk Mitigation
Sellers can protect themselves from potential post-sale disputes over repairs.
How a Sellers Home Warranty Works
A Sellers Home Warranty can be a valuable tool for sellers looking to make their property more appealing and provide peace of mind to potential buyers.Here’s how the typical process works with a Sellers Home Warranty:
1: Purchase
The seller usually purchases the warranty and includes it in the home listing.
2: Claims
If a covered issue arises during the warranty period, the homeowner should contact the warranty provider or builder to initiate a claim.
3: Repairs
The provider arranges for an inspection and, if necessary, coordinates the repair or replacement of the covered item.
4: Costs
Buyers usually pay a deductible or service fee for each claim, while the warranty covers the remaining expenses.
What's Not Covered
Sellers Home Warranties typically have limitations and exclusions, which may include:
- Pre-existing Conditions: Issues known to the seller before the sale are often excluded.
- Acts of Nature: Damage caused by natural disasters like earthquakes or floods is usually excluded.
- Negligence: Issues resulting from homeowner negligence or failure to perform maintenance may not be covered.
- Cosmetic Issues: Some warranties do not cover cosmetic defects or minor repairs.
When selecting a homeowners warranty, consider the following factors:
Choosing a Sellers Home Warranty
- Coverage: Ensure that the warranty covers the systems and appliances most important to you.
- Check Terms and Duration: Understand the warranty's terms, duration, and any limitations.
- Research the Provider: Look for a reputable warranty provider or builder with a history of honoring claims.
- Read the Fine Print: Carefully read and understand the warranty contract, including any exclusions.
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