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For many families, a real concern they have when building a new home is that their builder may get into financial difficulty and be unable to complete their home, potentially leaving their dream in tatters and facing what can often be significant additional costs.
In acknowledgement of this as well as our desire to continually offer better products and services, we at Signature Homes are delighted to be able to announce that we will provide every one of our clients with our new and unique Home Completion Guarantee when they sign a contract with us.
We believe that the combination of our new Home Completion Guarantee, with the other guarantees we have put in place over the last 25 years, provide you with peace of mind that no one else can match. We encourage you to compare our Comprehensive Guarantee Programme with others available to see this for yourself.
The Signature Homes Home Completion Guarantee
In the unlikely event that a Signature Homes Franchise Builder is unable to complete your home:
Your home will be completed
The franchisor, Signature Homes Limited, will appoint another builder to complete your home to the plans and specifications in your Building Agreement, at no extra cost.
Your Deposit is Protected
A Performance Bond has been issued by The National Bank which, up to the amount of the Bond, allows Signature Homes Guarantees Ltd (SHGL) to require The National Bank to pay it the money to use how it chooses, and from this SHGL will repay the Deposit that you have paid to your Franchise Builder.
Progress Payments Protected
SHGL has been issued with a Performance Bond of $1,000,000 by The National Bank which, up to the amount of the Bond, allows SHGL to require The National Bank to pay it the money to use how it chooses, and from this SHGL will protect your progress payments.
No maximum Total Claim Amount
There is no maximum limit to the amount our clients can claim for, as there are with some other guarantees.
Frequently Asked Questions
Q: What is this guarantee?
A: Our Home Completion Guarantee is a guarantee to finish your home in accordance with your Building Agreement and it differs from other guarantees in that it is not limited to certain costs or types of work.
Q: Who is Signature Homes Guarantees Ltd (SHGL) and are they independent from my Signature Homes Franchise Partner?
A: SHGL is a separate company established solely for the management of our Guarantee programme. It has no direct link with your Signature Homes Franchise Partner. The sole shareholder is Signature Homes Ltd, the Franchisor of the Signature Homes group, the umbrella under which all of the Franchise Partners operate as independent contractors when dealing with you.
Q: What is the financial strength backing the Home Completion Guarantee?
A: SHGL has been issued with a Performance Bond of $1,000,000 by its bankers, The National Bank. The Performance Bond is payable to SHGL on demand and covers any event of SHGL's choosing. In the event that SHGL is required to meet a claim under a Home Completion Guarantee, SHGL intends to make demand on its bankers for payment under the Performance Bond up to a maximum of $1,000,000. The Performance Bond has been issued to SHGL for a period of 12 months (commencing 1st July 2008), and it is SHGL's intention to apply for a replacement Performance Bond from its bankers prior to the expiry of each 12 month period.
Q: Can my solicitor take a look at the guarantee?
A: Yes of course, we would encourage this, as your solicitor will be able to confirm that our guarantee compares very favourably to others available.
Q: What is the maximum cover?
A: The maximum cover available is the cost to complete your home (if any) over and above the remaining payments that you have yet to pay under the Building Agreement (which will still be payable), based on completing your home to the same plans and specifications as the original Building Agreement that you entered into, provided all of the claims at that time don't exceed the limit of the Performance Bond, i.e. you will still get what you are supposed to for the price that you agreed to pay, subject to the amount of the Bond.
Q: Does Signature Homes guarantee payment to all clients?
A: Our guarantee provides a higher level of cover than other guarantees as we have no limits set on how much can be claimed for loss of Deposit and completion of your home. Proportionately, we have a larger fund set aside to cover any claims compared to some other guarantees.
Q: What are the main differences between your Home Completion Guarantee and other guarantees?
A: For example, another well recognised guarantee will cover you for: Loss of deposit up to 5% of the contract price (up to a maximum of $20,000) or non completion up to 10% of the contract price to a maximum of $30,000. Our Home Completion Guarantee has no set limits around how much any client can claim. Should there be a problem, we guarantee to fully finish your home as per your Building Agreement at no extra cost.
Q: Some other guarantees are reputable and have longevity and your Home Completion Guarantee is relatively new. What assurances do I have?
A: We have been operating since 1983 – we are one of the longest serving residential building companies in New Zealand with one of the strongest brands and reputations in the country.
Q: If the worst comes to the worst and I have to call upon the guarantee, will I have to pay more than I agreed to under my Building Agreement?
A: Our guarantee will ensure that your home is completed as per your Building Agreement with no additional cost.
If you would like to find out more about our other guarantees, please click here
To recieve a free Signature Homes brochure, click here.
Click here to arrange a FREE initial consultation with your local Signature Homes Franchise Builder
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