GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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38% - Moderately

Home Inspection


Synonyms:examination, house inspection, property inspector
Filed Under: real-estate
Tags: realty
 

Definition of home inspection

home inspection
1. Prior to purchasing a property, the buyer should request that an inspection or examination be conducted. This inspection involves an impartial third party who examines both the visible structure and the internal systems such as heating, water, electrical, etc. Typically, a home inspector will identify all necessary repairs. The actual sale of the property often depends on the outcome of the home inspection.


Related Terms and Acronyms:

  • appraiser   A person qualified by education, training, and experience to estimate the value of real property and personal property.
  • contingency   A condition that must be met before a property sale can be completed, such as a home inspection or mortgage approval.
  • environmental impact statement (EIS)   A government-required evaluation of how construction will affect the environment surrounding a site.
  • home inspector   A person who has a broad general knowledge relating to basic home construction, common household problems and methods for their correction.
  • inspection   A critically and carefully performed examination.
  • inspection report   The documentation of a thorough examination of a house's visible structural parts and systems, conducted before purchase.
  • latent defect   A deficiency in a piece of property that can't be seen easily, such as termite damage or the presence of dangerous levels of radon.
  • load-bearing wall   Any exterior wall or interior wall that supports its weight and the weight of other parts of the building.
  • schematic designs   Structural plans for a building's mechanical systems, such as its plumbing and electrical functions.
  • walk-through   A buyer's final inspection of a property, usually on the day of closing or the day before.

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