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
Unfortunately, we encounter false advertising daily. False advertising refers to deceptive or misleading ads and commercials that fail to showcase a product’s or service’s ...
Impeding and restricting people in various activities based on their race, ethnic reasons, or religion now goes against US laws in effect. In the past, especially in the 1960s, ...
The construction of stone or block walls without using concrete or mortar. Drywall construction is a traditional building technique used for stone field wall construction. Newer building ...
Real estate sales contract where possession and use is provided to the buyer, but the deed is kept by the seller until the full purchase price is met whereupon the title is placed in the ...
A corporation that owns housing units and whose tenants purchase shares in the corporation equivalent to the value of their housing unit. Also called co-ops. ...
A lien on the property of a mortgagor. In most states a mortgage gives the mortgagee a lien-as opposed to the common-law practice of granting conditional title-on the house or property as ...
To confirm, ratify, verify, and accept a transaction that can be canceled. ...
Linkage of property ownership that connects the present owner to the original source of title. ...
Home inspector is the name the real estate industry calls the professional responsible for the close and thorough examination of a property. The home inspector usually is called upon ...
Have a question or comment?
We're here to help.