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
An asset. The term cost is often used when referring to the valuation of acquired property. When it is used in this sense, a cost is an asset. Concepts of cost and expense are often ...
Surveying the land to determine its suitability for a specific purpose, such as building a high-rise apartment house. ...
Mortgage guaranteed up to 30 years by the Veterans Administration to veterans meeting minimum requirements. Originally established by the Servicemen's Readjustment Act of 1944, amended ...
A portion of a real estate company's assets financed with debt instead of equity. It involves interest an principal obligations. Financial leverage is beneficial to real estate investors ...
Tax term describing current and necessary business expenses. Ordinary and necessary business expenses do not include long-term capital losses. For example, the XYZ stationary store deducts ...
A certificate of ownership in a real estate company. Pledged assets for a borrowing. An example is an office building serving as collateral for the mortgage. Way of protecting property ...
A cooperating broker or agent defines a real estate broker who helps another broker in a private property transaction. Typically, the cooperating broker represents the seller and is ...
Document describing the benefits and provisions for people or businesses covered by group insurance. Document in life and health insurance issued to a member of a group insurance plan ...
Across the globe, countries have comprehensive antitrust laws that protect customers and ensure the orderly conduct of businesses. Through antitrust laws, the playing field is balanced for ...
Have a question or comment?
We're here to help.