Home Warranty's - Home Protection Plans
Sellers coverage while your property is on the market with some policies
Warranty's can also be called Home Protection Plans.
In very general terms they usually provide protection against
unforeseen repairs for the seller while their property is listed
for sale and for the buyer, usually up to a year after closing the
sale, depending on the company and particular plans coverage that
is chosen. Be sure to read the fine print for inclusions and
exclusions in the policies. They all vary.
This is one
of the issues you need to consider is the purchase of a Home
Protection Plan or Home Warranty Plan. Will you provide one for the buyer of your property? Payment is made at the time of closing. Buyers love home protection plans because it gives them a sense of security against unforeseen problems usually up to a year after closing for covered systems and appliances. Some policies allow the buyer to renew after the year is up if they want to keep the plan in effect.
If you choose not to provide one to your buyer, they may ask for one in their offer. If you do not want to pay for the whole thing, perhaps the cost can be split between you and your buyer.
A home protection plan offers some benefits to both the seller and
the buyer. The specific coverage for both buyers and sellers
may vary from company to company, as well as any deductible for
service calls/repairs. Home Warranty companies usually have a few plans to choose from as well as other competing companies will have their plan options.
Some policies will provide coverage
for all the major components to a property -- like central
heating, cooling, plumbing, electrical, etc., and even certain
appliances with some policies. For some policies appliances
are an additional cost for coverage.
home protection plans offer you some coverage (on covered systems
and/or appliances) should something unforeseen happen while your
property is "listed" on the market for sale. The
coverage varies from company to company be sure to check their
policy about what would be included, excluded, limitations,
liabilities, procedures, and responsibilities.
When the property sale closes, the policy then covers the new
buyer, usually for about a year after the closing, should
something happen for any covered systems and/or appliances,
subject of course to the policies terms.
This is a great thing to offer. A little peace of mind for
both you and your prospective buyers should there be a problem
after closing with anything that is covered under the policy.
be sure to check the policies inclusions, exclusions, limitations,
conditions, liabilities, procedures and responsibilities, etc.
The large print giveth but the fine print taketh away.
out these resources to you'll be prepared to make an informed decision when we meet.
We look forward to being your trusted real estate partner.
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