Warranty

Definition

• In real estate, warranty refers a document certifying clear title a property.
• A guarantee given by a company to the purchaser which states that a product is reliable and free from known defects and that the seller will, without charge, repair or replace defective parts within a given time limit and under certain conditions.

Synonyms
pledge, surety, guarantee

Related Terms and Acronyms

• Breach of Warranty — Definition,
  • A determination that a seller cannot pass clear title of property to a buyer.
• Certificate of Title — Definition,
  • A written document stating that the title to a piece of property is legally vested in the present owner.
• Extended Warranty — Definition,
  • 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.
• Guarantee — Definition,
  • An enforceable warranty on the promise of quality of a product or formal promise by one person to take responsibility for the debts or obligations of another person if that person fails to meet them.
• Home Warranty — Definition,
  • 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 — Definition,
  • 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.
• Title — Definition,
  • Evidence of a person's right to possession ownership of a property.