Contracts
A West Virginia purchase contract includes a home warranty provision. A seller-provided home warranty typically:
AGuarantees the property is free of all defects
BProvides the buyer with repair or replacement coverage for specified mechanical systems and appliances for a period after closing✓ Correct
CReplaces the need for a pre-purchase inspection
DGuarantees the seller has disclosed all known defects
Explanation
A home warranty is a service contract, not an insurance policy, that covers repair or replacement of specified mechanical systems and appliances. It does not substitute for a professional inspection or guarantee freedom from undisclosed defects.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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