Nov 16 2009
Real Estate Terminology (H)
HANDYMAN’S SPECIAL:
A descriptive term for a property which requires significant work to bring it up to normal standards of condition and repair. Often marketed at a lesser price.
HIDDEN AMENITIES:
Qualities of a property which may not be immediately noticeable but add to the value of the property, such as high quality materials used in construction.
HOLD HARMLESS CLAUSE:
Also known as ‘save harmless clause’. A clause in a contract in which one party releases another party for legal liability for a stated risk.
HOME INSPECTION (REPORT):
The written statement of the results of the inspection of a given property by a professional home inspector. Will show problems and potential problems with the property not always visible to an average purchaser (i.e. a deteriorating roof, an ancient furnace, termites, wood rot, basement seepage). Many purchasers make their offer to purchase conditional upon obtaining a satisfactory Home Inspection report.
HOME INSPECTOR:
A person who offers a service of making a physical inspection of homes. Qualifications may vary.
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