What does Warranty mean?
A warranty is a legally binding guarantee that a product or service will meet certain standards or perform in a certain way. In real estate, a warranty may be provided by a builder or seller of a property, guaranteeing that certain elements of the property, such as the roof or appliances, will be free from defects for a certain period of time after the sale. Home warranties are also offered by third-party companies, covering the cost of repairs or replacements of appliances, systems, and fixtures in the home after the sale.
Related Terms
Assumption Fee
Level of Control On a Listing Agreement
Consent Judgment
Credit Repository
Patent Defect
Recording
Mediation
Fiduciary duty
Low-Down-Payment Loan
Title insurance
Capitalization
Procurement of Supplies / Services
Cap Rate
Rural Housing Service
Title Risk
Second Mortgage
Free-Market Lots
Appreciation