Every warranty company is different. The easiest way for you to get the "real" answers is to call the company and ask exactly the question that you asked here. Once you find the answer, I would ask them to tell me where I could find that information in writing or better yet ask them to send you a letter stating what they have told you.

Good Luck
Make This Your Best Year Ever
Leander McClain
Keller Williams Realty
1814 Route 70
Cherry Hill, NJ 08003

Jerseydevil,

I had a house listed for almost 11 months and the sellers also opted to purchase a warranty for themselves which eventually transferred to the buyers at closing. In this case, initially we called the company and got a contract number at the time of listing. Then all we had to do, once the listing expired and we relisted it , was call them to extend the listing expiration date, and it continued to be in effect for the sellers until the home sold. I assume that most companies allow for these "renewals".

Your best bet (especially if you already used their services) is to call the warranty company and ask them IF you take your home off the market, or it never sells (I hope not) if you are responsible for the premium anyway. Otherwise, they should continue to renew the contract until you sell the house.

Greetings from Florida.



Read the Fine Print in the Warranty.

Look at both sides of all Pages of whatever Contract you signed.
Somewhere in there will be the answer to your question.

If your Real Estate Agent or Real Estate Broker suggested that warranty company,
then ask your Agent what they told you when they made the recommendation.

If they said the wrong thing, then they may be responsible to pay the loss
(that's a legal issue that I cannot elaborate upon).

And with due respect to you and to your Real Estate Agent -

Yes you are signing a pile of paperwork when you sell a house,
but you should NEVER sign anything that you do not fully understand.

If you are pressured to sign something in a hurry, back off.
Tell whoever is presenting the paperwork to you,
that you want to keep it and read it overnight.

If they balk, then you walk.


Best wishes and hope it works out for you.
Fred
.

Dear Jersey Devil,

I would most certainly first speak to the individual who sold you the poiicy for further clarification. My experience has been that the seller is covered for the life of the listing and the buyer is covered for 12 months from the poiint of close and the cost of this policy is most often covered by the seller at closing.

With AHS, should the home not sell, you owe nothing . . . even if you have utilized the service and had say, your refrigerator replaced. No sale, no further obligation beyond the p/visit fee. But, that AHS.

Love and Peace,
Francesca, Realtor, ePro
Francesca@PatrizioRE.com

Devil -

No closing, no pay. That is typical, but of course check with your Realtor for the full information. You should have recieved a package of some sort when you agreed to the warranty.

But the norm is the policy is paid at closing and if the property does not close there is no fee.

Hi Jerseydevil, by all means check with the home warranty company - call the contact or inquire on their website. My recollection is that payment comes at close - no close, no payment....but do check because I am not certain.

Best,
Jeannie Feenick
Search and connect at http://www.feenick.com

Jerseydevil:

1. If you don't know what you are signing, DON'T SIGN IT.
2. If you have a sales contract with an agency and they sold you the policy, start by asking them.
3. If you have a contract with a Home Insurance company, ask them, if your agency doesn't have the answer.

If all else fails, and last of all, post your question on a public site such as this. We'll all guess what it is you have and how it works. If the site works the way it often does, you'll get several completely different answers and you can take your pick! (At least until you find out that the answer you picked was completely wrong.)

Lots of luck.

This is a great idea for you and the buyer. It is like an insurance policy and the buyer sees the value because the furnance, hot water heater iare covered and those are big ticket items. As a seller you are covered, not for the furnance only upon inspection, but for plumbing, electricial, etc. This is a win win for all.

You better call to that Home Warranty Co direct. As far as I know, you don't have to pay if your home is not sold.
Yelena

Definitely check with your Realtor as to the terms of the Home Warranty Plan.
The warranty plans I am familar with, during the 6 months that your home is listed, only if you the Seller put a claim in, then you would have to pay for it. If your house doesn't sell and you didn't use the plan then you wouldn't have to pay for it. But each plan is different, so you would need to find out the details of the one you have.

Thanks!
Gina Fagnani

If you are using a realtor, ask them what the conditions are of the home warranty. The home warranty I suggest only requires you to pay for the warranty if the house sells. It doesn't matter if you have used the service. Also, there is usually a service fee you have to pay to anyone who comes to service a problem covered by the warranty. Hope this helps. Have a great day!