GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Home Warranty


Synonyms:assurance, condition contract, guarantee
Filed Under: real-estate
Tags: realty
 

Definition of home warranty

home warranty
1. 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.

Related Terms and Acronyms:

  • breach of warranty   A determination that a seller cannot pass clear title of property to a buyer.
  • corrective work   Repairs or maintenance that a buyer requests be done on a house before closing.
  • curable defect   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   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)   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   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   A document certifying clear title to a property.

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