Home Warranties
What is a Home Warranty?
Guarantees, promises, and protections provided by one party to another. In real estate contracts, there are usually warranties regarding the condition of the appliances and certain fixtures. New homes often have extensive warranties covering not only fixtures and appliances, but the overall structure of the house as well.
Types of Home Warranties:
There can be “express” (written) warranties, ”implied” warranties (guarantees that the parties intended even though they may have stated them specifically in the contracts), and “imposed” warranties (guarantees created, for example, by state law).
Ask T. J. Lamb, T.J. Lamb Real Estate, about Kansas City real estate.
This Home Buying Tip was excerpted from:
The Common Sense Guide to Successful Real Estate Negotiation by Peter G. Miller and Douglas M. Bregman, HarperCollins Publishers, Revised Edition 1994
ISBN # 0062732641