The contractual arrangements between The Alberta New Home Warranty Program and the Purchaser for the various protection coverages offered through its Builder Members. Mandatory Clauses are a standard part of the Purchase or Construction Agreement provided by the Program; they are schedules attached to the Builders’ own contracts.
A process in which the Program acts as a facilitator to help both the purchaser or homebuyer and the builder get together in cases of dispute so that issues can be identified along with any misunderstandings or miscommunications – two of the most common reasons for an issue to be unresolved in the first place.
A mortgage is a legal security (registered on title) for a loan on a property. It is a financial charge and encumbrance against the property as security for the loan.