Real Estate Terms - From Home Inspections To Personal Property
By Raynor James, Fri Dec 9th
When buying or selling a property, it always helps to have abasic understanding of real estate terms. In this on goingseries of articles, we take a look at definitions starting with"home inspection."
1) Home Inspection - an inspection of the condition of a home.They are done item by item, from roof to foundation, and includelooking closely at things like plumbing, heating, airconditioning, sinks, tubs, and faucets, and any appliances
whichconvey. The general concept is that the home inspector istrained to spot problems that typical Susie and Sammy Homebuyerare likely to miss. They are not usually intended to bring updiscussion about items Susie and Sammy can easily see forthemselves like the color of the wall paint or what the carpetslook like.
2) Home Warranty Policy - an insurance policy which pays forrepairs to the working systems (heat, air conditioning,plumbing, etc.) and appliance repairs during the first year ofhome ownership. Details vary. Usually there is a deductibleamount. They can be bought by the buyer or by the seller for thebuyer.
3) Limited Power of Attorney - a writing which gives anotherperson the legal ability to act for and sign papers for thebuyer or seller in connection with the purchase and sale of aspecific real property. (An example of this happened last summerwhen a friend of my son's gave his wife a limited power ofattorney to enable her to finalize the sale of their home afterhe left for Iraq with members of his National Guard unit. Ahappy postscript is that the young man has now returned home.)
4) Personal Property - appliances which are not built-in, playequipment which is not attached, furniture, plants in containers.
As you can image, there are many real estate terms for which youhave a general understanding. In our next article, we continuewith the terms starting with "Pre-Approval Lender Letters."
About the author:Raynor James is with http://www.fsboamerica.org - providing FSBOhomes For Sale By Owner. Visit our "sell my home" page athttp://www.fsboamerica.org/seller.cfm to list and sell your homefor free for one month. Visithttp://www.fsboamerica.org/buyer.cfm to see homes for sale byowner.
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