Typically in North America, there is a warranty for almost all valuable items like New Homes and Automobiles etc and also for pre-owned valuables like Automobiles, jewelry etc, but not for pre-owned homes, until recently. But now American Bureau of certification service has unveiled a patented protocol for certification of pre-owned homes.
Traditionally the prospective the buyer places an offer to purchase (agreement) subject to several unknown factors including a "Home Inspection", mortgage etc.
Upon acceptance of the contract and its legal review, the buyer then proceeds to hire a home inspector. Depending upon the findings of the home inspection, the buyer proceeds to close; or the seller may have to make concessions on account of the discrepancies revealed in inspection. Since the home inspector is an independent entity and is not answerable to any one in particular; generally it would serve the home inspector to cover his liability to maximum, hence home inspectors tend to cover all eventualities, no mater how remote.
It leads to more than necessary unresolved issues and several unsatisfied parties in the process. To alleviate fears of the buyer, the process has to be re-created so that the buyer would be satisfied with the purchase and would be covered for that eventuality by a third party warranty company, some thing that is similar to and has been used by the builders of New Homes nationwide.
American Bureau of Certification protocol for Pre-owned Homes is as close as it gets to protocols for State certification for New Homes. It is a two step process, Home Inspection by State protocols, and warranty to the buyer.
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