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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