Real Estate Glossary

Listed below are brief descriptions of some common terms used in real estate transactions. These are general terms and definitions and are not intended to apply to all possible uses of a term. Please let us know if you have any questions regarding these items.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Home Inspection: A thorough inspection that evaluates the structural and mechanical condition of a property.

Home Inspection Report: A qualified inspector’s report on a property’s overall condition. The report usually covers an evaluation of both the structural and mechanical systems.

Home Warranty Policy: Insurance that covers repairs to the home, generally for one year. Covers smaller aspects of the home including electrical, plumbing, pest control, etc.

Homeowner’s Insurance: Absolutely required to obtain a mortgage, it covers the cost to rebuild your home.

Courtesy of Sonata Realty