- In real estate, a home inspection involves a qualified expert examining the condition of a house and property.
Related Terms and Acronyms
- Appraisal — Definition,
- An estimate of the market value of a piece of real estate made by a competent professional who knows local real estate prices and markets.
- Appraisal Report — Definition,
- A detailed evaluation of the value of a property based on an inspection and a review of the values of nearby, comparable properties.
- Appraiser — Definition,
- A person qualified by education, training, and experience to estimate the value of real property and personal property.
- Building Inspector — Definition,
- A local government employee who enforces the building code and makes sure construction and renovation work is done properly.
- Competent — Definition,
- Legal ability to make decisions and enter into contracts.
- Home Inspection — Definition,
- A thorough examination of a house's visible structural parts and systems, conducted before purchase.
- Inspection Report — Definition,
- The documentation of a thorough examination of a house's visible structural parts and systems, conducted before purchase.
- Walk-through — Definition,
- A buyer's final inspection of a property, usually on the day of closing or the day before.