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
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revising the terms of a loan such as when the borrower is experiencing severe financial difficulties. For example, a homeowner lost his job and seeks relief by requesting the lender ...
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An account into which payment is made for particular expenses to assure that money will be available. An example is a special account the homeowner's attorney establishes for advance ...
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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