Selling your home? You don't have to cancel your home warranty! There are two ways to transfer your Landmark home warranty to a new buyer.
1: Transferring the existing coverage to the new buyer
Being able to transfer your home warranty to a seller can actually help you sell your home faster, and for more money! On average, a home with a home warranty will sell for $2,300 more and 11 days faster than a comparable home that does not have a home warranty.
When you finalize the sale of your home, call Landmark at 866.306.2999 and let them know you want to transfer your home warranty to the new owners and you will pay a $25 transfer fee. In order to transfer the warranty, you will need the buyer’s name, phone number and most importantly, their email address.
Once the warranty expires, the new owner can renew and alter any coverage they feel is missing before renewing their contract. If the buyer is not satisfied with the coverage from the home warranty that is included with their home purchase, there is another option!
2: Buyer will get a transfer credit applied to a new home warranty
Buyers also have the option of canceling the original coverage, getting a prorated amount of money back, and applying that money to a new home warranty plan that they choose.
This is a great way for a new homeowner to be able to pick what kind of coverage they would like. For example, if they want a higher level of coverage than the original plan the seller transferred to them, they have the option to upgrade.
If the seller still has six months left on their home warranty and the buyer to cancel and apply a credit to a new home warranty plan, to cancel and apply a credit to a new home warranty plan, to the new home warranty Landmark uses this formula to determine how much credit to apply to the new warranty:
The difference of the price of the contract, after the prorated amount is applied, is up to the new owner to pay. This gives the new homeowner more freedom to choose the home warranty plan they want. If the buyer chooses this option then the seller is not charged the $25.
Can I transfer a home warranty to my new home?
Unfortunately, Landmark’s contract does not allow a home warranty to be transferred to a new house. Each house is very different and and because coverage is specific to your prior home’s systems and appliances, your home warranty cannot be transferred. Your new home could vary in size, and which systems and appliances that are in working order could be different.
If a homeowner decides to not transfer the warranty they can cancel it for a $75 fee. Landmark will then provide a prorated amount of money back to the homeowner. When you purchase a new home you can use the money that was given back to you towards a home warranty contract on your new home!
