When purchasing a new condo in Bend, Oregon, the Tarifon Corporation Guarantee offers buyer protection under the New Home Guarantee program. Membership in the program is mandatory for new home builders and offers protection to buyers of new housing projects.
This coverage covers security deposits, defects in workmanship and materials, and security issues related to closing and late occupancy.
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An important step covered by the New Home Guarantee Program is inspection. Before the new building is handed over, the buyer is taken to the construction site with a surveyor to point out the defects that the client must fix.
Newly constructed home buyers are insured against defects in materials and workmanship in their new home for one year from the date of ownership. There are also 2-year and 7-year warranties that cover major device defects.
Another very important issue in today's real estate market is the upcoming loan date. Homebuilders have the legal right to delay new construction projects as long as they give the buyer proper written notice. However, if the buyer is not notified as required, the buyer has the right to claim damages.
It should be noted that compensation will not be paid if the delay is caused by the buyer himself or if the delay is not the responsibility of the builder (strike, flood, etc.). Please note that in the event of early completion of a new building project by the developer, the buyer is under no obligation to accept it.
Buying a new home can be a daunting task. Make sure the rate guarantee actually applies if you buy property in a new building.