Warranties of Developers / Builders, Sellers, or Funders.
Section 24
SEC. 24. Warranties of Developers / Builders, Sellers, or Funders. - The Corporation shall require the guaranteed sellers, developers/builders, or funders, and such other persons as may be required by the said Corporation to become warrantor, to deliver to the purchaser or owner of such property a warranty that the dwelling is constructed in substantial conformity with the plans and specifications on which the Corporation based its valuation of the dwelling. The Corporation shall deliver to the developer/ builder, seller, or funder or other warrantor their written approval of any amendment of, or change or variation in, such plans and specifications which the Corporation deems to be a substantial amendment thereof, or change or variation therein, and shall file a copy of such written approval with such plans and specifications. Such warranty shall apply only with respect to such instances of substantial nonconformity to such approved plans and specifications as to which the purchaser or homeowner has given written notice to the warrantor within two (2) years from the date of conveyance of title to, or initial occupancy of the dwelling, which ever first occurs, without prejudice to all other rights and privileges which such purchaser or owner may have under any other law or instrument. Any amendment of, or change, or variation in, such plans and specifications shall be with the prior written approval of the Corporation.