Buying a homeAll terms starting with H
Home inspection
A buyer-ordered evaluation of a property’s condition and systems, used to decide whether and how to proceed.
An inspector examines accessible structure and systems (roof, foundation, electrical, plumbing, HVAC) and reports condition and likely remaining life. Specialists may be brought in for sewer lines, radon, or structural questions.
The report is information, not a repair list the seller owes you. What happens next is negotiation, and how much leverage you have depends on your contingencies.
Related terms
- Due diligenceThe defined window after acceptance when a buyer investigates the property and can act on what they find.
- ContingencyA condition in the purchase contract that must be satisfied, or the buyer can withdraw without losing earnest money.
- AppraisalA licensed appraiser’s independent opinion of a property’s market value, ordered by the lender.
- Seller’s disclosureThe seller’s written statement of known material facts and defects about the property.
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