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The final inspection of a property being sold by the buyer to confirm that any contingencies specified in the purchase agreement such as repairs have been completed, fixture and non-fixture property is in place and confirm the electrical, mechanical, and plumbing systems are in working order.
An inspection of a property by the prospective buyer prior to closing on a mortgage.
- Browse Related Terms: As-is Condition, Back to Back Escrow, Concession, Contingency, Counter Offer, Deposit (Earnest Money), derivative, Earnest Money Deposit, escape clause, Homeowner's Warranty (HOW), Purchase and Sale Agreement, Purchase Offer, Ratified Sales Contract, Rehabilitation, Right of First Refusal, walk-through, Walkthrough
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A common clause in a sales contract that allows the buyer to examine the property being purchased at a specified time immediately before the closing, for example, within the 24 hours before closing.
- Browse Related Terms: As-is Condition, Back to Back Escrow, Concession, Contingency, Counter Offer, Deposit (Earnest Money), derivative, Earnest Money Deposit, escape clause, Homeowner's Warranty (HOW), Purchase and Sale Agreement, Purchase Offer, Ratified Sales Contract, Rehabilitation, Right of First Refusal, walk-through, Walkthrough
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Written guarantees of the quality of a product and the promise to repair or replace defective parts free of charge.
- Browse Related Terms: Appraisal, appraisal fee, Appraiser, home inspection, Loan to Value (LTV) Ratio, Market value, Origination, property appraisal, Tax-free exchange, Warranties
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A legal document that includes the guarantee the seller is the true owner of the property, has the right to sell the property and there are no claims against the property.
A document protecting a homebuyer against any and all claims to the property.
- Browse Related Terms: Change Orders, cloud, Co-Borrower, Cooperative (Co-op) Project, Deed-in-Lieu of Foreclosure, Eminent Domain, fee simple, Foreclosure, Joint Tenancy (with Rights of Survivorship), Liability insurance, Owner's Policy, Pre-Foreclosure sale, tax deed, Title Defect, Title Insurance, Transfer Tax, Warranty deed
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A loan arrangement in which an existing loan is retained and an additional loan is combined with the existing loan. The new lender accepts the obligation to make payments on the old loan. The existing loan generally carries an interest rate below the rate on new loans. Sellers are the most common wraparound lenders. (Technically, a wraparound is a second or junior mortgage, but for this survey, it is treated as a first mortgage.)
- Browse Related Terms: All-inclusive deed of trust, End loan, Interim loan, Junior mortgage, Permanent mortgage, Piggyback loan, second mortgage, Third mortgage, Underlying mortgage, Wraparound mortgage
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Iron that is worked by being forged or hammered.
- Browse Related Terms: Galvanized Iron, Grille, Wrought Iron