Provides that any homeowner may file an action in tort against the builder, general contractor, subcontractor, material supplier, individual product manufacturer, or design professional to recover damages arising out of, or related to deficiencies in, the construction, design, specifications, surveying, planning, supervision, or testing of the homeowner's residence. This act applies to original construction intended to be sold as an individual dwelling unit as well as remodeling construction on an existing residence. This act does not apply to condominium conversions.

Declares that no action for damages under this act shall be maintained unless it is commenced within four years of the date the claimant discovered, or with reasonable diligence should have discovered, that a standard listed in this act was not followed.