A warranty is a legally binding guarantee that a product or service will meet certain standards or perform in a certain way. In real estate, a warranty may be provided by a builder or seller of a property, guaranteeing that certain elements of the property, such as the roof or appliances, will be free from defects for a certain period of time after the sale. Home warranties are also offered by third-party companies, covering the cost of repairs or replacements of appliances, systems, and fixtures in the home after the sale.
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What does warranty mean?
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