Definition of "Home warranties"

Steven Gilbert real estate agent

Written by

Steven Gilbertelite badge icon

Keller Williams Realty

Warranties issued by contractors, sellers, and real estate agencies that protect home buyers from specified defects in a house as per the contract.

Comments for Home Warranties

Carol Carol said:

What is a "home warranty" that is signed in lieu of having an item added to the contingency agreement ?

Aug 23, 2018  08:34:43

 
Real Estate Agent

Hey Carol,

One thing it needs to be understood is that contingency agreements work BEFORE signing a binding contract, and home warranties work after you do it. So, in reality, we don't understand as one being "in lieu" of another. You should try to include the home warranty - that is; the warranty that if any defects on the house arrive, the contractor/home buyer/real estate agencies will pay for the replacement/repair - IN the contingency agreement, meaning one of the conditions to buy the home is having the home warranty for how many years you can negotiate with the home seller. To better protect yourself with this, get a real estate lawyer. There's a reason some states only recognize contingency agreements if done by real estate lawyers...

Good luck!

Aug 23, 2018  10:16:48
 
 
image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Part of a capital gain constituting tax benefits previously taken and taxed as ordinary income. ...

The accelerated cost recovery system is a depreciation system for tax purposes mandated by the Economic Recovery Tax Act of 1981. In 1986 the Accelerated Cost Recovery System (ACRS) was ...

The definition of a storm ready community is any community across the country that demonstrates it has the means to prepare and educate the population for severe weather conditions. ...

Restitution or compensation for harm or wrong done. ...

(1) The exposed trim and molding surrounding a door or window. (2) Woodwork which encases a pipe or structural member. (3) Method of creating a form for the pouring of concrete. ...

See concrete block. ...

Place where real estate is situated. The geographic location of property affects its value. For example, real estate in a good neighborhood is worth more. ...

When a debtor defaults on a loan for which a deed of trust is given, the trustee is required to have a sale of the real estate security for the benefit of the lender. A deed of trust is ...

Series of intersecting lines dividing a map or chart into equal sections. Series of intersecting bars, wires or support as in a grating or supports in a dropped ceiling. ...

Popular Real Estate Questions