Home Warranties
Definition of "Home warranties"
Warranties issued by contractors, sellers, and real estate agencies that protect home buyers from specified defects in a house as per the contract.
Popular Real Estate Terms
Provision in an agreement in which its renewal is a matter of course at the end of its initial term. ...
Agreement between two or more individuals whereby each party agrees to do or not to do some act. The parties have reciprocal obligations of performance or actions. ...
A caveat vendor is a legal principle where the seller is legally responsible for warranting the quality and suitability to task of the item purchased. ...
Scale drawing or diagram illustrating the proposed use of a land plat property. ...
Loan such as a mortgage that the borrower has consistently made payments on when due over many years. The borrower has proven his creditor worthiness. ...
Gift of real property as stipulated in a will. ...
Also called investment property. Real property held by a business for investment potential or in order to earn income by leasing or letting it, rather than for its own use. ...
An interest a landlord has in lease property. ...
Flat irregularly shaped stones, ranging from 1 to 4 inches thick, used for terrace or loan walkways. ...
Comments for Home Warranties
What is a "home warranty" that is signed in lieu of having an item added to the contingency agreement ?
Aug 23, 2018 08:34:43Hey 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 10:16:48Have a question or comment?
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