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
Rentals received in cash rather than on credit. ...
Kind of siding for wood frame houses where the joints in the usually vertical siding are covered by narrow strips of wood called battens. The battens are nailed over the joints. ...
The Debt-to-Income Ratio’s (DTI) definition is a measure that allows one to compare the ability an individual has to afford a monthly debt payment out of their monthly gross income. ...
Husband's common law rights to the property his deceased wife owned either during the marriage or at the time of her death. The husband has life estate rights in the deceased wife's ...
Same as term government rectangular survey: Way in which the U.S. government uses to subdivide public land. Land is designated as either a base line (East-West) or principal meridian line ...
The amount of inherent risk for a mortgage in granting a mortgage. An operating principle in mortgage risk rating is that the mortgage cannot exceed 2.5 times the mortgagor's annual income, ...
Writ issued by a superior court to a lower court requiring the latter to produce a record of the proceedings of a particular case. The purpose of a writ of certiorari is to review the ...
Legal obligation to pay for a benefit received as if a contract has actually occurred. This may arise in a few cases so that an equitable situation occurs. An example is when a homeowner ...
Street terminating at one end with only one outlet. A dead end street is not a through street. See also cul de sac. ...
Have a question or comment?
We're here to help.