GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Breach of Warranty


Synonyms:failure to perform, fall-through, not deliver as promised
Filed Under: legal-contracts, real-estate
Tags: contract, legal, realty
 

Definition of breach of warranty

breach of warranty
1. In real estate, the failure of the seller to pass clear title to the property buyer as either expressed or implied (by law) in the conveyancing document.

Related Terms and Acronyms:

  • breach of contract (BOC)   Failure to abide by terms of a legal agreement without a legal excuse.
  • breach of covenant   Violation of a promise made in a contract or property deed.
  • contract   An agreement between two or more parties that can be enforced by law.
  • extended warranty   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.
  • forfeiture   Loss of property because of violation of law or contract.
  • home warranty   A policy that guarantees workmanship on construction of a home and functionality of some appliances, and which pays for repairs for a specified period.
  • warranty   A document certifying clear title to a property.

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