A visual check of a home's structure and systems by a trained inspector, usually during the buyer's contingency period. It finds problems before you're locked in; it is not a pass or fail test.
Also called: inspection, general inspection, buyer's inspection
The person who performs a home inspection and writes the report. Licensing requirements vary by state.
The written findings from a home inspection, usually with photos and notes on safety issues, defects, and items to watch. Buyers use it to decide on repair requests or walking away.
A contract term that gives the buyer time to inspect the property and then cancel, ask for repairs or renegotiate based on what is found. Waiving it means accepting the home's condition as is.
A written list from the buyer, after inspection, asking the seller to fix items, give a credit or lower the price. The seller can agree, refuse or counter.
A Texas contract feature where the buyer pays the seller a small fee for a set number of days to cancel for any reason. Other states use inspection or due diligence periods instead.