New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 25 - REGULATIONS GOVERNING NEW HOME WARRANTIES AND BUILDERS' REGISTRATION
Subchapter 3 - WARRANTY COVERAGE AND STANDARDS
Section 5:25-3.8 - Limit on liability
Universal Citation: NJ Admin Code 5:25-3.8
Current through Register Vol. 56, No. 18, September 16, 2024
The liability of a builder under the new home warranty shall be limited to the purchase price of the home in the first good faith sale thereof or the fair market value of the home on its completion date if there is no good faith sale. In the event a Certificate of Participation misstates the purchase price or the commencement date and the homeowner fails to notify the New Home Warranty Program within 45 days from the actual warranty commencement date, the limit of liability shall be as stated on the Certificate of Participation at the time of validation.
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