FAQ’s

Q. What is a Certified Pre-Owned Home?

 A. Essentially it consists of two main components/processes…

 1) Prior to being Listed, A Pre-Listing Inspection is conducted on the Property and in the event the Inspector identifies items needing attention, the Seller would repair the deficiencies prior to the property going on the market.

2) A Warranty is then placed on the Listed Property for the benefit of the subsequent owner, which covers most of the homes’ major systems and appliances, as well as roof and structural coverage, for a period of one year from the date of closing.

 Q. What is a Home Warranty?

 A. A one year Service Agreement covering the cost of repair or replacement of most major equipment and systems within the home in the event of mechanical failure. (Subject to a small deductible per trade call)

 Q. Is the Home Warranty the same as homeowner’s insurance?

 A. No. Homeowner’s insurance normally covers only damages caused by outside perils such as fire, water, lightning, etc., as well as consequential damage. The Home Warranty provides for repair or replacement of mechanical breakdowns or malfunctions due to normal wear and tear.

 Q. What types of homes are eligible for the Certified Pre-Owned Home Program?

 A. The Certified Pre-Owned Home Program is designed to cover single family, owner-occupied, residential homes at the time of resale. Owner-occupied condominiums and townhouses are also eligible. Rental properties can be covered with prior approval by UNIRISC. Commercial buildings or unoccupied homes cannot be covered because they would fall into a different risk category.

 * However, for a property to obtain the status of Certified Pre-Owned, the Sellers(s) must have completed all the necessary repairs, on all covered home systems, appliances and structural components, outlined in the Pre-Listing Home Inspection Report.

 Q. What is the period of coverage of the Home Warranty?

A. The contract term begins on the date of closing or upon occupancy by the home buyer (whichever comes first) and continues for 12 months.

 Q.  Who pays for the certification process?

 A.  This program was designed to enhance the value and marketability of listed properties, therefore the cost of the Pre-Listing Inspection and necessary repairs would be the responsibility of the Seller. As for the Home Warranty, the cost of this will be deducted from the seller’s closing proceeds. **(see below)

 Q. What is covered under the Certified Pre-Owned Home Program?

 A. The Service Agreement covers the following items:

              Structural Coverage

v       Roofing
v       Foundation
v       Siding

                   

Home Systems

v       Central Heating System
v       Ductwork
v       Interior Plumbing System
v       Interior Electrical System
v       Hot Water Heater

               

  Home Appliances

v       Refrigerator
v       Range/Oven/Hood
v       Built-in Microwave oven, Dishwasher  & Central Vacuum
v       Garbage Disposal
v       Garage Door Opener and Door Bells

Q. Are there any age restrictions?

 A. No. However, there is limited coverage for the heating system, water heater, air conditioning system and appliances in excess of 12 years of age.

 Q.  How is service requested if a mechanical failure of a covered equipment or system occurs?

 A. All requests for service must be made by calling UNIRISC at 1-800-267-1222. When a homeowner requests service, UNIRISC will verify the Service Agreement, help to arrange for a qualified local service contractor to check out the problem and will give instructions for getting proper approval for the repair work. All work is performed as quickly as possible.

 Q. What happens when a service contractor arrives?

 A. The contractor or the homeowner can call UNIRISC to report the extent of repair necessary. UNIRISC will give approval for covered repairs by telephone so that the work can be done without delay.  Approved contractors may have pre-approved limits to complete covered repairs without telephone approval.

 Q. How is contractor paid?

A. The homeowner will pay the contractor the deductible charge of $50 (or actual cost, whichever is less) and the balance will be billed to UNIRISC. However, there may be times when the homeowner will be asked to pay the contractor in full and submit the bill for reimbursement.

 Q. Can the Service Agreement be renewed?

 A. Coverage can be renewed at the option of UNIRISC. In such case, you will be notified at least 30 days prior to the expiration of your current agreement.

** According to a leading Canadian Home Inspection Company  a home buyer will typically double or triple the estimated repairs when making an offer on a home with a default. With the home having a Pre-Listing Inspection and repairs completed, this situation virtually vanishes.