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Warranty |
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WarrantyA legal, binding, promise, given at the time of a sale, whereby the seller gives the buyer certain assurances as to the condition of the property being sold. Warranties as to real property have taken on a lessor role with the increase of the use of title insurance.WarrantyA contract in which a seller commits to a buyer that any faulty workmanship or product failure occurring within a specified period will be rectified at no cost to the buyer. Typical products covered by warranty include appliances, automobiles and machinery.WarrantyA guarantee by a seller to a buyer that if a product requires repair or remedy of a problem within a certain period after its purchase, the seller will repair the problem at no cost to the buyer.Warranty Similar MatchesLimited warrantyLimited warrantyA warranty with certain conditions and limitations on the parts covered, type of damage covered, and/or time period for which the agreement is good. Warranty DeedWarranty DeedA deed used in many states to convey fee title to real property. Until the wide spread use of title insurance, the warranties by the grantor were very important to the grantee. When title insurance is purchased, the warranties become less important as a practical means of recovery by the grantee for defective title. Breach Of WarrantyBreach Of WarrantyIn real property, the failure of the seller to pass title as either expressed or implied (by law) in the conveyancing document. Home Warranty InsuranceHome Warranty InsurancePrivate insurance insuring a buyer against defects (usually in plumbing, heating, and electrical) in the home he has purchased. The period of insurance varies and both new and used homes may be insured. |
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