Real Estate Terms From Home Inspections To Personal Property

Real Estate Terms – From Home Inspections to​ Personal Property
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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