Inspection Report
Definition
- A formal written report detailing the examination of a property's visible structure and internal systems. The inspection and report are done prior to the completion of a real estate transaction.
Synonyms
home inspection report
Related Terms and Acronyms
- Appraisal — Definition,
- An estimate of the market value of a piece of real estate made by a competent professional who knows local real estate prices and markets.
- Appraisal Report — Definition,
- A detailed evaluation of the value of a property based on an inspection and a review of the values of nearby, comparable properties.
- Appraiser — Definition,
- A person qualified by education, training, and experience to estimate the value of real property and personal property.
- Building Inspector — Definition,
- A local government employee who enforces the building code and makes sure construction and renovation work is done properly.
- Credit Report (CR) — Acronym, Very Important,
- A report on a loan applicant's willingness and ability to make payments in a timely manner in the past. This report is provided to the bank by an outside agency.
➥ A report that outlines the credit worthiness of an individual or entity. - Home Inspection — Definition,
- A thorough examination of a house's visible structural parts and systems, conducted before purchase.
- Inspection — Definition,
- A critically and carefully performed examination.
- Mechanical Systems — Definition,
- A house's heating, cooling, plumbing and electrical apparatus.
- Property Report — Definition,
- A legal document prepared by a surveyor that shows the locations of all visible public and private improvements relative to property boundaries.
- A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
- Survey (srvy) — Abbreviation,
- A map executed by a licensed surveyor, which sets down precisely the boundaries of a given property as well as improvements, references to known landmarks, and the property's notable features.
➥ As in surveyed land. - Walk-through — Definition,
- A buyer's final inspection of a property, usually on the day of closing or the day before.
