When buying or selling a property, it always helps to have a
basic understanding of real estate terms. In this on going
series of articles, we take a look at definitions starting with
"home inspection."
1) Home Inspection - an inspection of the condition of a home.
They are done item by item, from roof to foundation, and include
looking closely at things like plumbing, heating, air
conditioning, sinks, tubs, and faucets, and any appliances which
convey. The general concept is that the home inspector is
trained to spot problems that typical Susie and Sammy Homebuyer
are likely to miss. They are not usually intended to bring up
discussion about items Susie and Sammy can easily see for
themselves like the color of the wall paint or what the carpets
look like.
2) Home Warranty Policy - an insurance policy which pays for
repairs to the working systems (heat, air conditioning,
plumbing, etc.) and appliance repairs during the first year of
home ownership. Details vary. Usually there is a deductible
amount. They can be bought by the buyer or by the seller for the
buyer.
3) Limited Power of Attorney - a writing which gives another
person the legal ability to act for and sign papers for the
buyer or seller in connection with the purchase and sale of a
specific real property. (An example of this happened last summer
when a friend of my son's gave his wife a limited power of
attorney to enable her to finalize the sale of their home after
he left for Iraq with members of his National Guard unit. A
happy postscript is that the young man has now returned home.)
4) Personal Property - appliances which are not built-in, play
equipment which is not attached, furniture, plants in containers.
As you can image, there are many real estate terms for which you
have a general understanding. In our next article, we continue
with the terms starting with "Pre-Approval Lender Letters."
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