Buying a new home in BC? here’s new legislation to be aware of
Effective November 19, 2007 these changes became law:
-an owner builder is not permitted to sell a home during construction “as is” without permission from the HPO
-an owner builder must occupy the new home for at least one year after obtaining an occupancy permit. the home cannot be sold or rented during this one year period.
-home buyers should understand that only owner builders who purchase 2-5-10 home warranty insurance from a warranty provikder have the backing of a new home warranty
-owner builders must provide a disclosure notice from the HPO to prospective buyers within the first 10 years after occupancy. Subsequent buyers are also required to provide a disclosure notice if they sell the home within the 10 year period. The disclosure states that the home was built by an owner builder. It also states whether or not there is a home warranty insurance policy.
-owner builders who sell their home within the first 10 years are obligated to subsequent purchasers for defects in the new home during that 10 year period.
-new homes under construction but not complete cannot be listed or sold unless the home is covered by home warranty insurance or has received an exemption.
Registry of new Homes – a searchable registry of new homes will soon be available to home buyers on the HPO website.
For more info in home warranties, visit www.hpo.bc.ca
Ever bought a new home? was it a good experience?