Definition of "Home warranties"

Steven Gilbert real estate agent

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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
 
 
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