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
The return by owners of a property investment usually through a depreciation allowance. a clause in a contract permitting the prior owner of real estate to recover under certain ...
Primary horizontal support for a structure such as a house. It may be a large piece of wood, stone, iron, or other material that lies across the walls, and serves as support of the ...
The meaning of a grace period refers to a specific time after a payment’s due date. During this period, one can reimburse the amount without penalty, extra costs, or forfeiture. Find ...
Real estate, home and life insurance use numerous ambiguous terms you should know because you can significantly benefit from them. Let’s discover what the word boot usually applies to ...
For real estate investors, the vacancy and credit loss is a way to determine a property’s potential for profit. This value is determined by subtracting the losses brought by vacant ...
Method of eliminating the spaces between the solid fragments in fresh cement or mortar during the mixing process. This is done by a combination of constantly mixing, turning, centrifuging, ...
Welcome to the world of magical yet perplexing real estate! Undeniably, there's a lot to learn, but we're here to explain miscellaneous terminology so that you can make educated decisions. ...
Everyone is aware of the perplexing complexities of a real estate transaction. Enter Opendoor, a company that aims to simplify this experience. If you're a house hunter, seller, real estate ...
Vendee refers to a person to whom something is sold. The meaning of vendee is a buyer of goods and services. A more common term for vendee is a purchaser. While a vendor is a seller, the ...
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.