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