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Single Purpose Builder Program -SK
The Single Purpose Builder Warranty Certificate and New Home Deposit Receipt, when used concurrently, meet CMHC's minimum criteria for new home warranty coverage and are acceptable for NHA mortgage loan insurance purposes.
Our comprehensive program is comprised of the following coverage:
Deposit Protection:
Up to $10,000.00 in effect until construction commences.1st Year Defects in Materials or Workmanship:
Defects in the Residential Unit will be repaired or replaced by the Builder where such Defects occur within one (1) year following Possession Date.Structural Warranty:
Structural Defects in the Residential Unit will be repaired or replaced by the Builder where such Structural Defects occur within one (1) year following Possession DateStructural Defects, which occur during the four (4) year period following the expiration of the Builder�s Warranty will be repaired or replaced by The National.
Dispute Resolution:
In the event of a dispute between the Builder and the Purchaser that cannot be settled between them with respect to the Builder�s performance of its One (1) Year Warranty, National may be requested to conciliate. (Fee of $250.00)In addition:
National Home Warranty will fulfill the one (1) year warranty of the Builder should the Builder fail to do so.Maximum coverage under the terms of this warranty is $20,000
*Our program fee is currently $3500.00 per house (a semi attached or duplex is considered 2 houses) plus GST with an additional inspection fee of $250.00 for projects that are outside any metropolitan area where a National office is located.
Step One
If you are enrolling with a credit card, please faxed the completed application and supporting documents. (* Credit Card payments are subject to a 2% service fee.)
If you are enrolling with a cheque, then either mail or courier the completed application along with the supporting documents.
If you are enrolling with a cheque, then either mail or courier the completed application along with the supporting documents.
Step Two
Once our underwriting team has approved your application, you will be faxed a "Terms & Conditions" letter stating you have been conditionally approved as a Single Purpose Builder subject to the following:
- Execution of a Builder Agreement (this will be supplied to you by National)
- Execution of a Limited Personal Guarantee (Incorporated entities only) (this will be supplied to you by National)
- Receipt of a satisfactory inspection(s) by a National Inspector
Please read this document, and if you accept the terms and conditions, then sign date and return by fax.
Step Three
Upon receipt of the Terms & Conditions letter in our office, the Builder Agreement will be sent to you for signature. If you are an Incorporated Entity, the company shareholders will be required to provide Limited Personal Guarantees which will be sent to you with the Builder Agreement.
Step Four
Upon receipt of the Builder Agreement and the Guarantee (if applicable) in our office, your project will be enrolled with National and a Certificate of Possession will be sent to you by mail.
Program Application
Single Purpose Builder Program Application The Single Purpose Builder Warranty Certificate and New Home Deposit Receipt, when used concurrently, meet CMHC's minimum criteria for new home warranty coverage and are acceptable for NHA mortgage loan insurance purposes.
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