residential service contract


Also found in: Acronyms.

residential service contract

An insurance policy that will cover repair or replacement of major home systems,such as plumbing,heating,air conditioning,or electrical.Either the buyer or seller can purchase the contract, although sellers usually do so as an incentive for a buyer to purchase that property rather than another.
References in periodicals archive ?
According to Gallagher, "By providing the most comprehensive coverage available at a price that is unmatched, Old Republic Home Protection makes it possible for more home sellers and buyers, and their real estate professionals, to 'custom-fit' the Residential Service Contract to each home's specific needs.
Gallagher continued, "In today's changing real estate market, home buyers expect more for their money, and having a Residential Service Contract in place increases a home's value.
TWA members, who represent approximately 99 percent of residential service contract sales in Texas, include American Home Shield, Best Home Warranty Co.
Stating that Texas homeowners are increasingly sophisticated in their knowledge and use of residential service contracts (home warranties), the Texas Warranty Association (TWA) reported today that service calls on contracts have more than doubled in the past five years.
Seeking to advance consumer education and industry ethics as residential service contract sales reach record highs in Texas, the state's leading industry firms have formed the Texas Warranty Association (TWA), association officials announced.
Sharon Harrison, president of Nations Preferred Home Warranty of Dallas, who was recently elected the first president of TWA, reports that TWA members represent approximately 99 percent of residential service contract sales in the state.
The Company has experienced remarkable growth to become a leading supplier of residential service contracts (home warranty) across the United States, and provides its services through real estate agents, insurance professionals, relocation companies, developers, title companies, bankers, and mortgage brokers.
Full browser ?