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
Money earned or accrued during an accounting period that results in the increase in total assets. Items such as rental income. Revenues arising from the sales of real estate. The ...
Body o law relating directly to condominiums and cooperative developments. Most property law provides vertical ownership of property in the sense that property owners own mineral rights as ...
Underwriting is a term often used with financial connotation. It is a process that helps individuals or institutions to determine if it’s worth taking a financial risk in a particular ...
A form of life or disability insurance where a mortgagor insures a mortgage in the event of death or disability. The principal covered by mortgage insurance declines as the mortgage is ...
Special court for the purpose of providing fast, inexpensive and informal settlement of small financial claims between plaintiff and defendant. The parties represent themselves. A landlord ...
Transfer of both real and personal property. An example is the sale of a home with personal belongings. Putting together a group of property to be sold together, perhaps at a discount ...
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 ...
English style of architecture characterized by carving and paneling and flattened arches. ...
Half oval window. It is usually small and placed over a doorway serving a decorative purpose. In some case, the window may be mounted with a hinge at either end to a permit opening for ...
Have a question or comment?
We're here to help.