Home Inspection

Definition

  • Prior to purchasing a property, the buyer should request that an inspection or examination be conducted. This inspection involves an impartial third party who examines both the visible structure and the internal systems such as heating, water, electrical, etc. Typically, a home inspector will identify all necessary repairs. The actual sale of the property often depends on the outcome of the home inspection.

Synonyms
house inspection, property inspector, examination

Alternate Spellings
fees, hazards, asbestos, c/s

Related Terms and Acronyms

  • Appraiser Definition,
    • A person qualified by education, training, and experience to estimate the value of real property and personal property.
  • Asbestos (asb) Abbreviation,
    • A fire-resistant element that once was commonly used for insulation. It poses a lung hazard.
  • Building Inspector Definition,
    • A local government employee who enforces the building code and makes sure construction and renovation work is done properly.
  • Contingency Definition,
    • A condition that must be met before a property sale can be completed, such as a home inspection or mortgage approval.
  • Corrective Work Definition,
    • Repairs or maintenance that a buyer requests be done on a house before closing.
  • Curable Defect Definition,
    • A problem with a property that can be remedied. Peeling paint is a curable defect, but location in a crime-ridden neighbourhood is not.
  • Curtain Wall Definition,
    • A non-lead bearing exterior wall.
  • Dry Rot Definition,
    • A fungal decay that causes lumber to crumble.
  • Drywall Definition,
    • Panels of gypsum plaster wrapped in thin cardboard and attached to the house framing to create interior walls.
  • Environmental Impact Statement (EIS) Acronym,
    • A government-required evaluation of how construction will affect the environment surrounding a site.
  • Home Inspector Definition,
    • A person who has a broad general knowledge relating to basic home construction, common household problems and methods for their correction.
  • Inspection Definition,
    • A critically and carefully performed examination.
  • Inspection Report Definition,
    • The documentation of a thorough examination of a house's visible structural parts and systems, conducted before purchase.
  • Latent Defect Definition,
    • A deficiency in a piece of property that can't be seen easily, such as termite damage or the presence of dangerous levels of radon.
  • Load-bearing Wall Definition,
    • Any exterior wall or interior wall that supports its weight and the weight of other parts of the building.
  • Schematic Designs Definition,
    • Structural plans for a building's mechanical systems, such as its plumbing and electrical functions.
  • Walk-through Definition,
    • A buyer's final inspection of a property, usually on the day of closing or the day before.
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