“You should consult with a real estate attorney for advice on the particulars of the waiver you are being asked to sign. An attorney should review the document and give you advice regarding what the implied warranty of habitability constitutes, when it applies and what you are forgoing if you waive that warranty. He or she can request that the waiver of implied warranty be removed but the occasion on which that request is granted is extremely rare. It is the norm for a developer to instead provide limited warranties which expressly cover certain specified defects for a specific term after closing and which also expressly exclude other types of defects, so your attorney should also advise you as to any express limited warranties you may be getting in lieu of the implied warranty of habitability or, if none is being offered by this developer, your attorney can assist in negotiating for such limited warranties.
“Finally, you must remember that any warranty, whether implied or express, is only as good as the developer’s ability to back it up. Especially in these tougher economic conditions, many developers are struggling and lack financial stability. You should conduct as much due diligence into the background and history of the developer as possible to see if they appear to have a good track record and solid financial footing.”