Limitation of Liability & Disclaimer of Warranties Agreement

LIMITATION OF LIABILITY & DISCLAIMER OF WARRANTIES AGREEMENT

READ THIS DOCUMENT CAREFULLY. IT EXPLAINS YOUR RESPONSIBILITY FOR SELECTING YOUR CONTRACTOR AND LIMITS RENOFI’S & LENDER’S LIABILITY FOR YOUR CONTRACTOR.

In this Agreement, “you” and “your” refer to the homeowner electronically signing this Agreement on your own behalf and on behalf of any person(s) that may be a co-applicant or co-borrower on the loan. “RenoFi” refers to the RenoFi family of companies, including without limitation Renovation Finance LLC and Renovation Technologies Holdings Inc. “Lender” refers to the lender you choose to apply for a loan to finance your renovation project.

1. Renovation Review Services. If you are applying for a RenoFi Loan (loan amount is determined using the home’s After Renovation Value or “ARV”) or a personal renovation loan, our lenders request that RenoFi collect and review certain information about your renovation project and your contractor. The purpose of this review is to help Lender evaluate whether it can provide you a RenoFi Loan based on the ARV, or a personal loan for your renovation project.
2. Lender’s Benefit Only. RenoFi’s renovation review services are completed for Lender’s benefit only. RenoFi is not obligated to share or provide you with any information it obtains or results from its renovation review. If RenoFi chooses to share information it obtains or learns about your contractor and/or renovation project through its renovation review with you, this is for informational purposes only and should not be relied upon by you as evidence that your contractor and/or renovation project has been vetted and/or approved by RenoFi or Lender.
3. Your Responsibility for Contractor & Renovation. RenoFi’s renovation review is not a substitute for your own due diligence of the contractor you select. You should conduct your own due diligence on the contractor you select and only proceed with signing any documents with the contractor if you are confident in the contractor’s skill, abilities, and workmanship. You are solely responsible to ensure that any renovations financed through a loan with Lender are completed according to the renovation plans, and that you use the loan proceeds for the renovation project.
4. Limited Nature of Review. RenoFi’s renovation review services are not all-encompassing. RenoFi conducts a baseline review on the contractor and renovation project for Lender’s evaluation purposes. RenoFi makes no representations or guarantees that the review identifies all relevant and available information about the contractor. The renovation review is completed as of a certain date and RenoFi does not continuously or periodically monitor, review, track, or update any previously obtained contractor information.
5. LIMITATION OF LIABILITY. RenoFi’s renovation review services create no liability or responsibility to you, any contractor, any supplier, or anyone else performing work on or for your renovation project. YOU ACKNOWLEDGE AND AGREE THAT NEITHER RENOFI NOR LENDER OWE YOU OR ANY THIRD PARTY ANY CONTRACTUAL DUTY, DUTY OF CARE, OR ANY OTHER TYPE OF DUTY OR OBLIGATION RELATING TO THE RENOVATION PROJECT, THE LEGAL REQUIREMENTS FOR UNDERTAKING THE RENOVATIONS, THE SELECTION OF CONTRACTORS AND SUPPLIERS, OR THE QUALITY OF ANY LABOR, MATERIALS, WORKMANSHIP OR SERVICES PROVIDED BY ANY OF THEM. Neither RenoFi nor Lender shall be liable to any contractor, supplier or other third parties for any goods or services provided by any of them in connection with the renovation project. RENOFI AND LENDER ASSUME NO LIABILITY FOR ANY ISSUES ARISING FROM THE RENOVATIONS CONDUCTED BY YOU, YOUR CONTRACTORS, SUPPLIERS OR ANYONE ELSE PERFORMING WORK ON OR FOR YOUR RENOVATION PROJECT.
6. DISCLAIMER OF REPRESENTATIONS AND WARRANTIES. Neither RenoFi nor Lender make any representations, guarantees or warranties with regard to the value of the renovation project; the skill, expertise and workmanship of contractors, suppliers, or other workers; or any other matter related to the renovation project or the financing of the renovations. RENOFI AND LENDER HEREBY DISCLAIM ALL WARRANTIES, EXPRESS AND IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
7. Dispute Resolution by Binding Arbitration. YOU AGREE TO ARBITRATE ANY DISPUTES that may arise from your use of RenoFi’s services. The full terms of the arbitration process proceeding are located here: ARBITRATION AGREEMENT. Please read those terms carefully, which requires (with limited exception) that you submit claims you have against us to binding and final arbitration, and further: (1) YOU WILL ONLY BE PERMITTED TO PURSUE CLAIMS AGAINST RENOFI ON AN INDIVIDUAL BASIS, NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY CLASS OR REPRESENTATIVE ACTION OR PROCEEDING, (2) YOU WILL ONLY BE PERMITTED TO SEEK RELIEF (INCLUDING MONETARY, INJUNCTIVE, AND DECLARATORY RELIEF) ON AN INDIVIDUAL BASIS, AND (3) YOU MAY NOT BE ABLE TO HAVE ANY CLAIMS YOU HAVE AGAINST US RESOLVED BY A JURY OR IN A COURT OF LAW. By agreeing to arbitrate, YOU AND WE ARE EACH WAIVING THE RIGHT TO A TRIAL BY JURY, TO PARTICIPATE IN A CLASS ACTION, AND TO RESOLVE OUR DISPUTE IN COURT.

By clicking “I AGREE” which is your electronic signature to this Agreement, you understand and agree that neither RenoFi nor Lender assume any liability for any issues arising from your renovation, your contractor(s), subcontractor(s), supplier(s) or any other parties performing work on or for your renovation project.