- 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.
condition contract, assurance, guarantee
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 document certifying clear title to a property.
- 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.