Buying a New Condo this Year??
Ben Schmidt of www.benschmidt.tv a real estate agent in Fredericton, NB and Oromocto, NB video blogs about... New Home Warranty on a newly constructed condo.
Genworth and CMHC have now making sure all newly constructed condominiums have the new home warranty package on the home. In the past year they have been able to sell them without on exception, but no longer. If you currently are purchasing a condo and it does not have new home warranty, you need to contact your lawyer to find out if it will close! Also, make sure you make any offer conditional on new home warranty.
There are a few buildings in construction in the city that do not have new home warranty on them, and they builders will need to address these concerns. I know that some of them, are currently in the process of being approved as a builder by Genworth and CMHC and thus eliminating the need for the new home warranty, but these are pending and not final as of today.
If you have any questions about what condominiums have new home warranty and which do not, you can always email me at ben.schmidt@me.com or leave your comments here