Real Estate Terms

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Term Definition
Home Inspection

A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser. Sales contracts typically allow for an inspection period for the buyer and an opportunity for the buyer to request applicable (to the language defined in the contract) repairs, as well as allowing the seller time to respond to the repair request. Home inspections often include radon testing, lead-base-paint testing or mold testing.

Home Warranty

A type of insurance often purchased by home buyers that will cover repairs to certain items, such as heating or air conditioning, should they break down within the coverage period. The buyer often requests the seller to pay for this coverage as a condition of the sale, but either party can pay.

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