Home Warranty

Definition

  • A guarantee on the workmanship or construction of a home including the functionality of some appliances. The warranty also pays for some repairs within a specified period.

Synonyms
guarantee, assurance, condition contract

Related Terms and Acronyms

  • Breach of Warranty Definition,
    • A determination that a seller cannot pass clear title of property to a buyer.
  • Corrective Work Definition,
    • Repairs or maintenance that a buyer requests be done on a house before closing.
  • Curable Defect Definition,
    • A problem with a property that can be remedied. Peeling paint is a curable defect, but location in a crime-ridden neighbourhood is not.
  • Extended Warranty Definition,
    • A service contract that covers certain vehicle repairs or problems after the manufacturer's or dealer's warranty expires. Extended warranties are sold by vehicle manufacturers, dealers, and independent companies. With a new vehicle, the extended warranty must be purchased by the end of the first year of ownership.
  • Home Owners Warranty (HOW) Acronym, Very Important,
    • A policy that guarantees workmanship on construction of a home and functionality of some appliances, and which pays for repairs for a specified period.
  • Service Contract Definition,
    • Also known as extended warranty. A contract that covers certain car repairs or problems after the manufacturer's or dealer's warranty expires. Extended warranties are sold by car manufacturers, dealers and independent companies. With a new car, the extended warranty usually must be purchased by the end of the first year of ownership.
  • Warranty Definition,
    • A guarantee from a dealer or a manufacturer that a vehicle or product will perform as expected or specified. An auto warranty usually covers specified mechanical problems for a set number of kilometers or period.
    • A document certifying clear title to a property.
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