What is defect liability period? What do you mean by guarantee and warranty period?

Defect liability period means, the period in which quality of construction is tested/verified. This period is generally 6 months including rainy season. During defect liability period the builder will be liable to rectify any defects noticed in the construction, like seepage of water structural, cracks in the walls. The purchaser will retain a portion of the consideration amount which will be released only after the lapse of defect liability period.

Guarantee is a contract which is personal in nature between individuals, companies and firms. Guarantor would always be a third person, who is liable to compensate in case of any loss suffered. The word surety is also used instead of guarantee. This practice is prevalent mostly in financial transaction and performance contracts.

The word warranty is used in case of sale of goods. The Warranty is extended by the company/manufacturer to the purchasers/end users. The company undertakes to set right any defects noticed in its products during specified period called warranty period.


Can home loan be converted from fixed rate to floating rate & vice versa?  

When should one opt for a fixed rate home loan?

Can home loans be obtained against two different properties?

Whether banks and financial institutions lend money for purchase of land?

What are the charges other than interest that are levied by home loan lenders?

What is the role of a builder, promoter in group housing complex?

In multi-storied buildings maintenance charges is charged and frequently the word AMC is used.  Please explain the words?

Please clarify whether it is correct on the part of the association to collect more maintenance charges from tenants irrespective of it being paid by the owner or by the tenant himself.

I live in an apartment of 16 units (GF plus 3 floors).  I live on the third floor.  The owner living below me (second floor) has complained of leakages in his bathroom.  I did attempt some repairs (plastering) on my bathroom floors. This proved to be a temporary solution.  Now he is demanding replastering of my bathroom and refixing of tiles.  I insisted in this case the cost towards repair and materials to be shared mutually.  Am I justified in my argument? What does the rule say?

I would like to know on what basis the flat maintenance charges could be raised from the present amount? Our building is over six years old and has 65 flats. We recently completed painting the outside walls for which the corpus fund was used.  Being six years old, the water pumping motors for all the five blocks need replacement and also expenses are there for the OTA space closing, hard topping in the two wheeler parking area. Please advice.