There are a number of things you might be thinking about when selling a home, and one element to consider in some cases is transferring an existing roof warranty from yourself over to the buyer of your home. This will often be possible, but it will depend on the warranty type and a few other details – and knowing these ahead of time is helpful if you’re in this situation.
At The Roof Doctor, we’re here to help with all things roof-related for clients around Salt Lake City, West Valley City, West Jordan and nearby areas, from roof repairs to roof replacements and installations. Here are some basics on whether your roof warranty is transferrable, some of the important details that might need to be considered here, and how homeowners themselves can help with this process if needed.
Some Warranties Are Transferrable – Others Are Not
First and foremost, determining whether your roof warranty is transferrable will depend on what kind of warranty you have and who issued it. Many warranties are not transferrable, so you’ll want to look into the details of your own specific policy.
However, a few types of warranties can be transferred as long as both parties agree to the terms of transfer. These tend to include warranties that are transferrable with no cost of transfer or the need for special documentation. It will also depend on whether you have any remaining time left in your own warranty, as the new owner may need to meet certain terms and conditions in order to take advantage of it.
Factors to Consider
Beyond simply whether a given warranty can or cannot be transferred, there may be a few details or factors to keep in mind while considering whether this is the right approach for you:
- Could be a small fee: In some cases, there may be a small fee associated with transferring the warranty over to the new owner – though this is often quite minimal. You should factor this into your thinking, plus determine whether you’d be paying for this yourself or whether you might need the new owner to pay this fee.
- Documentation: As mentioned, special documentation may be required depending on the warranty question and other factors. You want to make sure you understand what paperwork is needed before beginning a transfer attempt.
- Single-time transfers: For some warranties, only a single-time transfer is allowed, which means the new owner would be unable to transfer it further. Make sure that the new owner is aware of this stipulation.
- Age factors: Certain warranties include an age factor, which means that if the roof is aged beyond a certain point, they may not be eligible to transfer it – or that certain parts of the coverage may be reduced or otherwise impacted if it’s transferred.
Key Homeowner Elements to Keep in Mind
As a homeowner looking to transfer your warranty to a buyer in a home sale, there are a few key elements to be considering:
- Meet deadlines: In most cases, required transfer paperwork must be completed within some period of time of the closing of the sale. This may be anywhere from 30-90 days. Knowing these deadlines and meeting them is critical.
- Keep records: Having any paperwork or other relevant documents on hand in order to make the transfer will be important. This can include things like proof of purchase, installation date and invoices from roof maintenance conducted over the life of ownership.
- Proof of ownership: As the seller, you will need to provide proof of ownership in order to transfer a warranty. This could include a deed or other document proving that you are indeed the current owner of the home and roof in question.
- Know value: You’ll also want to be aware of the value being transferred with this warranty. Once it’s accepted by the buyer, they should receive the same coverage you once had – and if not, this could be grounds for dispute or legal action.
What If You Don’t Have Warranty Documentation?
Luckily, even if you’ve misplaced or otherwise can’t access the original documentation related to your roof warranty, you may still have options here. You can typically contact the original issuer to see if they have any record of your warranty on file – and if so, you may be able to have it transferred over using standard procedures.
Transferring a roof warranty from yourself over to the buyer of your home is often possible, but will depend on several factors. As the homeowner in this situation, make sure you understand the ins and outs of your own warranty, that you meet any deadlines and have all necessary paperwork in order, and that the value is correctly transferred over to ensure full coverage for the new owner.
When done correctly, this is a simple process and can help give both parties peace of mind with regards to the condition of the roof in question.
For more here, or to learn about any of our roof repair or replacement services in SLC, West Jordan, West Valley City or surrounding areas, speak to our team at The Roof Doctor today.