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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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