The Home Bond Structural Guarantee Scheme
The Home Bond Structural guarantee scheme now covers over 600,000 houses throughout the Republic of Ireland. The scheme has been in operation since 1978 and has two aims, to provide structural guarantee cover to home buyers and to encourage house builders to utilise the latest best practice building methods, allied with an inspection schedule and the provision of advice relating to home construction.
Purchasers of a newly built house are advised to employ a solicitor to inspect the documentation involved with the Home Bond Guarantee Scheme.
If you buy a newly built house covered by the Home Bond scheme, your house is guaranteed for 2 years to be free from smoke and/or water penetration.
Your new house is also guaranteed against the occurrence of major structural problems for the first ten years of its life.
As a potential purchaser, you are guaranteed against a possible loss of stage payments or deposit in the period before your house is completed.
To make sure that your new house is covered by these guarantees, you must ensure that your builder is registered with the National House Building Guarantee Company.
This article is intended as a general guide only and has no legal standing. Please obtain the advice of a solicitor before proceeding with purchase, sale or rent of a property.
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