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Representation and Warranty of System Clauses: Contract for Real Property

Category:
Contracts - Clauses
State:
Multi-State
Control #:
US-C-CL-555-1
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Description

A clause dictates the conditions under which the contract is legally enforceable and determines the terms of the contract. Contracts often contain boilerplate clauses or standard clauses found across most contracts. These standard clauses do not require a lot of negotiation. Included is a Sample Representation and Warranty of System Clauses for a Contract for Real Property.
Representation and Warranty of System Clauses: Contract for Real Property are clauses in a real estate contract that require one party to guarantee that the condition and systems of the property meet certain standards. Representation and Warranty of System Clauses can include, but are not limited to, warranties concerning the electrical, plumbing, heating and cooling systems, and any other systems or components that may be associated with the property. These clauses typically require one party to acknowledge the condition of the systems at the time of the contract and to ensure that the systems will remain in good condition throughout the duration of the contract. The types of Representation and Warranty of System Clauses: Contract for Real Property include: • Warranty of Habitability: This clause requires that the property be habitable, meaning that it meets the standards of health and safety for its intended use. • Warranty of Structural Soundness: This clause requires that the property is structurally sound and free from any defects that would affect its safety or usability. • Warranty of Compliance with Building Codes: This clause requires that the property complies with all applicable building codes. • Warranty of Environmental Compliance: This clause requires that the property is free from any environmental hazards. • Warranty of Mechanical Systems: This clause requires that the mechanical systems, such as the electrical, plumbing, heating and cooling systems, are in good working order.

Representation and Warranty of System Clauses: Contract for Real Property are clauses in a real estate contract that require one party to guarantee that the condition and systems of the property meet certain standards. Representation and Warranty of System Clauses can include, but are not limited to, warranties concerning the electrical, plumbing, heating and cooling systems, and any other systems or components that may be associated with the property. These clauses typically require one party to acknowledge the condition of the systems at the time of the contract and to ensure that the systems will remain in good condition throughout the duration of the contract. The types of Representation and Warranty of System Clauses: Contract for Real Property include: • Warranty of Habitability: This clause requires that the property be habitable, meaning that it meets the standards of health and safety for its intended use. • Warranty of Structural Soundness: This clause requires that the property is structurally sound and free from any defects that would affect its safety or usability. • Warranty of Compliance with Building Codes: This clause requires that the property complies with all applicable building codes. • Warranty of Environmental Compliance: This clause requires that the property is free from any environmental hazards. • Warranty of Mechanical Systems: This clause requires that the mechanical systems, such as the electrical, plumbing, heating and cooling systems, are in good working order.

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FAQ

I represent that my performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by me in confidence or in trust prior to my employment by the Company.

A warranty of title is a guarantee by a seller to a buyer that the seller has the right to transfer ownership and no one else has rights to the property.

A representation is an assertion as to a fact, true on the date the representation is made, that is given to induce another party to enter into a contract or take some other action. A warranty is a promise of indemnity if the assertion is false.

The Product Warranty shall apply to Products supplied under this Agreement, and Supplier represents and warrants to Customer that the Products (i)will be new (when first delivered), (ii) will be free from defects in materials and workmanship, (iii)will be manufactured and delivered in compliance with all applicable

A disclaimer of warranty aims to protect your business from financial or legal implications from the distribution of faulty products or information. Companies also use it to inform consumers that there are limitations to the agreement covering your product after purchasing.

Breach of warranty (BOW) clause refers to a lienholder's or lessor's interest endorsement that causes the policy to continue to protect the financial interest of a lienholder or lessor even when the insured breaches a condition, thereby voiding coverage.

The representations and warranties of the Company and the Investor contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement, and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of the Investor or the Company.

Warranty, a promise or guarantee made by a seller or lessor about the characteristics or quality of property, goods, or services.

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More info

Representations and Warranties Concerning the Real Property. Borrower represents and warrants to Lender as of the date of this Agreement, as follows:General Contract Clauses: Representations and Warranties (OH). â—‹ serving as a basis for the parties' indemnification obligations (see. "Designated Representations" means the representations and warranties contained in Section 3. 1 (Organization), Section 3. Representations and warranties typically serve a variety of functions in a real estate purchase contract. For example, "Seller represents that the. Financial Statements provided to Buyer are accurate and complete in all respects. Warranties, also referred to as representations (but see below), are statements of fact.

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