There’s been a lot of talk about The Alberta New Home Warranty Program. But what does it mean for you? The Purchase to Possession Guide is a great help for anyone looking to build a new home. We’re going to break it down and cover the key points to help you get a grip on understanding this new program.
The Alberta New Home Warranty Program was put together to help you with the entire process of building a new home. It goes through each step of the process from what you need from a lawyer all the way to possession of your new home and even after that. The intent of the guide is to identify key points, questions you want to ask, important milestones and more. The guide also talks about the importance of a good relationship with your builder! So let’s dive in!
Starting With Your Purchase
This is the first section and it covers a lot of information in regards to your Purchase/Construction Agreement which is a normal part of buying a home. Some of the most important parts of the agreement are:
- Financial Terms
- Conditions
- Possession Date
Other things you’ll cover in the Purchase to Possession Guide at this point include working drawings, the floor plan, the lot plan, architectural controls, different financial issues that can come up and so much more. The key thing to take away from this section? Get it in writing! No matter what – any changes from the original plan/specifications should be put in writing with the appropriate signatures.
Construction to Pre-Possession
This is the next step in your new home journey, and it’s the next section in the Purchase to Possession Guide as well! You do have an active role in the construction process like providing input. In reality, your communication with the builder is essential. You watch your new home take shape as it moves through the various stages of construction. This part of the guide reviews what you can expect from your builder and the four stages of construction which are:
- Excavation and foundation
- Framing to Lock up
- Drywall
- Finishing stages 1 and 2 (ok, a two-parter but they go together so it counts as one stage!)
Some of the other topics covered in this section include potential delays that can happen, the coordination of construction activities, key things to remember about the inspection and more!
Nearing Possession
At this point in the process you’ll be firming up details about your possession. This section of the Purchase to Possession Guide covers the ins-and-outs of the timeline for possession and what you can expect. There’s a handy moving checklist and a breakdown of what you can expect during each stage of the possession process. There’s also a breakdown of what you need to look for during your Pre-Occupancy Inspection and the last weeks before you actually take possession of your new home.
The Closing Process
The part of the guide is quite detailed and it’s a good thing too as this section has six different areas to cover:
- Mortgage
- Transfer of Title
- Real Property Report
- Statement of Adjustments
- Final Payment
- Turnover of Keys
Each of these areas is broken down, giving you details on exactly what to expect on your part, and what you’re responsible for. But that’s not all! This section of The Alberta New Home Warranty Program also talks about what you can expect in your first year. They don’t leave you wondering “what’s next?” after the paperwork is done! There’s great information about the service and warranty program, normal home-owner maintenance and warrant issues that may come up.
The main function of this new program is to provide a process for resolving issues between builders and buyers. As a new home buyer you have full recourse to use the dispute resolution process to address any issues you may have. There’s even a section within the guide that goes through the steps to do this. Not only that – there’s also a Q&A section that provides you with additional information. Finally, the guide provides you with a glossary of terms so you don’t get lost in the lingo of building a new house. Welcome home!