Home Inspection
Real estateGlossary term
Definition
A professional examination of a property's condition before purchase, covering the structure, roof, plumbing, electrical, HVAC, and more. Typically costs $300-$500 and provides buyers leverage to negotiate repairs or a lower price.
Related terms
- AppraisalA professional evaluation of a property's market value, typically required by lenders before approving a mortgage. Based on factors like location, condition, and comparable sales.
- Closing CostsFees and expenses paid at the closing of a real estate transaction, typically 2-5% of the purchase price. Includes appraisal, title insurance, attorney fees, and loan origination.
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