Just an FYI, the Alberta Municipal Affairs recently contacted a Real Estate Brokerage to advise a Realtor that he must remove a listing from the MLS® as there was no New Home Warranty on the property.
As of February 1st, 2014 all new homes are required to have a warranty in accordance with the New Home Buyer Protection Act (NWBPA). The NWBPA prohibits a person from selling or offering to sell a home without warranty coverage if the building permits were issued after February 1st, 2014. Failure to comply to removing the listing for sale would be an offence under the Act and may result in prosecution, and/or administrative penalties by Alberta Municipal Affairs.
Realtors, whether representing sellers or buyers, are required to be aware of this and check the Public Registry on the below website to ensure the proper warranty is in effect. Note the property will only show up if permits were issued after February 1st, 2014: http://municipalaffairs.alberta.ca/information-for-real-estate-professionals
As a mortgage broker, I advise anyone building a new home (self-build) and seeking a construction mortgage that NHW is a requirement if they have any intention to sell the property within 10 years. NHW cannot be added after a property is built as the property has to be inspected at various statges of construction.
Obviously, this will affect us all from time to time so keep in mind.
Chris
