A home warranty is a type of service contract that covers the repair or replacement of various home systems and appliances, such as heating and cooling systems, plumbing, and major appliances, if they break down due to normal wear and tear. These warranties are often purchased by homeowners to provide additional protection and peace of mind, especially in the first year of home ownership. Home warranty can be purchased by the buyer or seller of a property and can cover the appliances and systems that are in the home at the time of purchase.
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What does home warranty mean?
Related terms
Builder Upgrades
Estimated Gross Costs of Buying
Building Code
Treasury Bills
Change Order
Escrow Payment
Fixed Time
Loan-To-Value-Ratio (LTV)
Closing Disclosure (CD - formerly HUD-1)
Cottage
Cpi and Market Rent Escalation (In a Lease)
Contract For Deed
Metes and Bounds
Hours of Operation (In a Lease)
Lock-In
Contractual Lien
Real Property
Accelerated Depreciation
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