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Real Estate Terms - From Home Inspections to Personal Property

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




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