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Inspections

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Inspections

Inspections are a critical part of the process especially for the buyer. Basic home and termite inspections are very common, and additional types of inspections may also be advisable depending on the property. Your real estate agent will be able to recommend a few inspectors in the area and can also help you decide which inspections are important to your purchase.

  • Inspection

  • Home inspection

  • Building inspection

  • Home inspector

  • Termite inspection

  • Termite clearance


inspection - physical investigation of the condition of a particular parcel of real property and any improvements thereon. The inspection can include a review of all construction elements, heating, plumbing, foundation, roof, etc., as well as a consideration of off-site issues such as the proximity of the property to a landfill or new road construction. Modern real estate contracts strongly advise buyers to perform a complete inspection.

home inspection - an increasingly common practice in which either the buyer or seller obtains a formal third-party inspection of real property that is the actual or contemplated subject of a contract. In many states, the buyer's approval of the inspection is a contingency of the contract.

 

building inspection - periodic oversight of the construction process by an authorized public employee designed to ensure safety, health, and building code compliance. Typically, building inspectors visit a site after each major stage in the construction cycle, such as rough grading, foundation forms placement, rough framing, plumbing and electrical installation, etc

 

home inspector - a person employed by a buyer for purposes of investigating the condition of a home for possible purchase. The inspector will examine all the major systems of the home and issue a written report. Some states now require home inspectors to be licensed.

 

termite inspection - sometimes also called a pest control inspection. A professional physical investigation of a property by a pest control specialist for the purpose of determining the presence of termites and other wood-damaging organisms, including fungus, wood-boring beetles, carpenter ants, etc.

 

termite clearance - a document prepared by a pest control company indicating that a particular property is free of active infestation by wood-destroying organisms. Termite clearance may be required by a lender prior to the funding of a real estate loan.

 

escrow - a process, performed by a third party, of collecting and distributing the funds and documents necessary to complete a real estate transaction between principals. Escrow "closes" when all parties have fulfilled their contractual obligations, delivered all necessary documents and money, and satisfied or removed all contractual contingencies.

 in escrow - time between the acceptance of an offer for the purchase of real property and the consummation of the sale. During this time, the escrow company collects funds and verifies documents in preparation for completion of the sale and the closing of the escrow.

 

double escrow - (also called "back-to-back escrow") set of escrows in which party A agrees to purchase property owned by party B using one escrow and simultaneously agrees to sell the property to party C at a higher price using a separate escrow. Double escrows present opportunities for fraud, and real estate licensees are generally under an affirmative obligation to disclose the existence of a double escrow to all parties when they are aware of it.

 closing costs - expenses to both buyer and seller of consummating a real estate transaction which are separate from the actual price of the property. Closing costs vary by jurisdiction, but may include loan fees and points, escrow and title costs, termite and radon inspections and corrective measures, attorney's fees, home warranties, association transfer fees, appraisal charges, and brokers' commissions.

 

nonrecurring closing costs - charges associated with closing an escrow which are singular in nature and will not form part of the regular monthly expense of owning the property. Loan fees, tax impounds, escrow charges, inspection fees, prepaid interest, and points are all examples of nonrecurring closing costs. Lenders sometimes require, and often allow, sellers or third parties to pay some or all of these costs on behalf of the borrower.

 

closing costs - expenses to both buyer and seller of consummating a real estate transaction which are separate from the actual price of the property. Closing costs vary by jurisdiction, but may include loan fees and points, escrow and title costs, termite and radon inspections and corrective measures, attorney's fees, home warranties, association transfer fees, appraisal charges, and brokers' commissions.

 

closing statement - (also called a settlement statement) a detailed accounting of all cash credits and debits in a real estate transaction provided to the parties. The closing statement is usually prepared by an escrow officer, an accountant, an attorney, or a broker involved in the transaction.

 

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