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
Room containing a toilet and wash basin, but does not include a shower or bath tub. ...
Legal action by an owner of property to oust or exclude an individual or business form using the property. ...
Metropolitan locality such as a city. It is heavily populated with many residents and businesses. An example is New York City. ...
House modeled after the dwellings constructed by the Pueblo Indians in the American southwest. A pueblo or adobe style house is made from adobe brick or materials simulating adobe brick. ...
Evaluating a locality to determine its value and appropriateness for designated objectives. ...
An insurer who researches the title to real estate for the purpose of discovering any unknown liens or encumbrances on the property that may have come into effect before the current ...
Operating property for business use, such as managing an office complex. ...
An Act, passed by congress in order to prevent the practice of redlining and disinvestments in central city areas. Redlining is a practice in which lenders refuse to make loans in certain ...
Concrete or timber beam that serves as a support in the wall structure of a building. Concrete tie beams are often reinforced with steel rods. ...
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?
We're here to help.