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