Most homes do not come with warranties. Sellers typically sell a home "as is." You can buy a warranty, which is essentially an insurance policy, for problems that occur with appliances and the heating, plumbing and electrical systems. Ask your realtor about buying a warranty. Consider the cost and the coverage provided when making a decision on whether to purchase a warranty. For newly constructed homes, the builder is required by Minnesota law to provide a 1-year warranty for the entire home and a 10-year warranty for structural defects.
Under the laws of most states, all statements made by the applicant, whether in the application blank or to the medical examiner, are considered, in the absence of fraud, to be representations and not warranties. A warranty must be literally true, and a breach of warranty is sufficient to render the policy void whether the matter warranted is material or not and whether or not it had contributed to the loss. A representation need be only substantially true. As a general rule, representations are considered fraudulent only when they relate to a matter material to the risk.
Statement attesting that certain statements are true. For instance, the borrower may warrant that it is a corporation, that it is entering into the agreement legally and that financial statements supplied to the bank are true.