Real Estate Glossary

The following are some common real estate terms you may run across during the process of buying or selling your home.

Home Inspection

A thorough inspection that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser. Contrast with appraisal. The home inspection reviews the structural and mechanical condition of the property. This is not an evaluation of the market value of the home or a determination of whether the home complies with applicable building and safety codes. The inspection does not include a recommendation on whether you should or should not buy the house.The inspector bases the findings on observable structural elements of the home. Potential home buyers are urged to be present during the inspection. This will allow you to ask questions and be in a better position to learn more about any problems that arise.

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