Warranties
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. 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).
This Homebuyers Tip was excerpted
from:
Successful Real Estate Negotiation by Peter G.
Miller, Harper Perennial, 1994
ISBN # 0062732641
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Keith
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The Buyer's
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