Home Inspection
The basic home inspection definition is well-known for everyone, right?
However, when it comes to real estate, the term “inspection” can serve a bunch of purposes – but the basic meaning is always the same: to analyze something with a purpose of approving or disapproving it.
Home inspection is the name of an on-site examination of a structure and its materials to ensure all safety measures are met, and that the dwelling in question is in a satisfactory condition. Often a real estate purchase contract will be contingent on a positive site inspection. A valid home inspection can only be performed by a professional home inspector.
In property or liability insurance, the home inspection is a right retained by the company to make the inspection in the insured premises as well as its operations in order to detect inherent structural defects and other hidden hazards that could activate the claim. They do it to calculate the risk of damage to the insured and determine the principal of its policy.
But an inspection can also be performed to help reduce loss frequency and severity through recommended safety engineering loss prevention and reduction procedures. In workers compensation insurance, for instance, the insurance company must make inspections to the company's payroll record since premiums are based on the business's gross payroll. In life insurance, the company may obtain verification of statements by an applicant and other information to determine its ensured value and more.
Real Estate Tips:
A home inspection is one of the first steps when you decide to sell your house. Do not overlook it, otherwise, it can cost you a deal later on! Have the home inspection done as soon as you can!
Popular Real Estate Terms
The continued and illegal occupancy of property after a legal period of occupancy has expired. In an estate at sufferance the tenant occupies the property at the sufferance of property ...
The meaning of a grace period refers to a specific time after a payment’s due date. During this period, one can reimburse the amount without penalty, extra costs, or forfeiture. Find ...
Window having both screens and storm windows that can be easily interchanged according to seasonal needs. ...
Molding forming the top part of a door or window. Any wood or plaster molding on an inside wall just below the ceiling. It is ornamental in purpose giving the wall a finished ...
Records maintained as evidence of ownership of the home and any of its contents. ...
The age at which one is legally capable of entering into binding contracts, signing a deed and negotiating business agreements. In most states this is the age of majority. Normally this is ...
Something that is hidden or overlooked and may be realized at a later time. For example, an individual's name is improperly spelled on a title deed, and the oversight is not noticed until ...
Property boundary demarcated by the curb. ...
A method widely used for evaluating real estate projects. Under the net present value method, the present value (PV) of all cash inflows from the project is compared against the initial ...
Have a question or comment?
We're here to help.