Home Inspection & Real Estate Glossary
Confused by any lingo being thrown your way during the real estate process? We’ve got you covered!
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A
Air Quality Testing
Assessing the indoor air for pollutants, allergens, and contaminants that could affect the health and comfort of the home’s occupants.
Amortization
Refers to the process of paying off a debt, such as a mortgage loan, through regular payments over a specific period of time.
AMSV (Adhered Manufactured Stone Veneer)
A lightweight, versatile building material used in construction for both aesthetic and functional purposes.
Appraisal
An estimation of the value of a property, usually conducted by a professional appraiser.
Architectural Shingles
A premium type of asphalt shingle used in home building for roofing.
Asbestos
Asbestos, once widely used in building materials for its durability and fire resistance, now poses serious health risks if its fibers are inhaled.
B
Balloon Payment
A large, lump-sum payment made at the end of a loan term. It is typically associated with relatively short loan durations.
Bridge Loan
A short-term loan that provides immediate cash flow to individuals or businesses.
Broker
An individual who has obtained a broker’s license, which typically requires additional education and experience beyond that of a real estate agent.
C
Cladding
The application of one material over another to provide a skin or layer.
Crawl Space
An unfinished area beneath a house, typically between the ground and the first floor.
Concrete Slab
Used as foundations for buildings, providing a stable and level base upon which the rest of the structure is built.
Contingency
A condition or provision included in a purchase agreement or contract that must be met for the contract to be binding and for the sale to proceed.
D
Defect
Any issue, problem, or condition in a property that deviates from the expected or desired standard.
Due Diligence
The timed investigation and research conducted by buyers and sellers to assess the property’s condition, legal status, and financial viability.
Disclosure
Refers to the act of providing relevant information about a property to potential buyers.
Drainage
The system and features designed to manage and direct water away from the property to prevent water damage, flooding, and moisture-related issues.
E
Equity
The ownership interest that a homeowner has in their property.
Escrow
A financial arrangement where a third party holds funds and important documents on behalf of the parties involved until all conditions of the sale are met.
F
Flue
An essential part of the building’s ventilation system, particularly in structures with combustion appliances.
For Sale by Owner (FSBO)
A property that is being sold directly by the owner without the assistance of a real estate agent or broker.
G
GFCI (Ground Fault Circuit Interrupter)
Electrical safety devices designed to protect people from electric shock hazards
Good Faith Estimate
A document outlining the estimate costs associated with obtaining a mortgage loan.
H
Home Inspection
A crucial step in the process where a professional inspector assesses the condition of a property.
HVAC (Heating, Ventilation, and Air Conditioning) System
A mechanical system installed in buildings to provide thermal comfort and maintain indoor air quality.
K
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L
Lateral (Sewer)
Underground piping that connects a property’s plumbing system to the main sewer line or septic system.
Lot Grading
The process of shaping and leveling the land around a building site to ensure proper drainage and water management.
Lead
Lead is a soft, heavy, and malleable metal that was historically used in various aspects of home construction.
Loan
The borrowing of funds to purchase property, typically facilitated by a financial institution such as a bank, credit union, or mortgage lender.
M
Masonry Veneer
Exterior wall cladding that provides the appearance of traditional masonry construction while using thinner and lighter materials.
Microbial Growth
The reproduction and increase in the number of microorganisms such as mold, mildew, and bacteria.
N
Neutral (Electrical)
A conductor within an electrical system that is intentionally connected to the earth or ground.
O
Offset (Plumbing)
A deviation or change in direction of a pipe from its straight path.
Open and Closed Cell Foam
Two types of foam commonly used in construction for insulation, sealing, and other applications.
P
Pitch (Plumbing)
The slope or incline of a pipe relative to the horizontal plane.
Plinth Block
A decorative architectural element used in construction, particularly in interior finishing work around doorways and baseboards.
Q
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R
Radon
A colorless, odorless, tasteless radioactive gas that is the number one cause of lung cancer among non-smokers.
Remediation
The process of addressing and resolving environmental issues or hazards on a property.
Report
A comprehensive document generated by a home inspector after evaluating the condition of a property.
S
Sag (Wasteline)
A downward dip or bend in the pipe that occurs due to gravity or improper installation.
Sewer
An underground pipe system designed to carry wastewater and sewage away from buildings and homes to a treatment facility or disposal site.
Slope (Plumbing)
The gradual incline of pipes that allows wastewater to flow away from fixtures and towards the main sewer line or septic system.
Soffit Vent
Ventilation opening installed in the underside of the eaves or overhang of a building’s roof.
Stack Vent
A vertical pipe or duct that extends from the drainage system of a building to the open air, typically through the roof.
Stucco
An exterior finish made of cement, sand, lime, and water applied in multiple coats over a wire or mesh framework
T
Tap (Plumbing)
A device that controls the flow of liquid, also known as a faucet.
Temperature or Pressure Relief Valve
A safety device used to release excessive pressure or temperature buildup within a closed system to prevent explosions or ruptures.
Toilet Flange
A round or square-shaped fitting that connects the toilet to the waste pipe in the floor.
U
Ufer Grounding
A grounding system that involves burying a grounding electrode within a concrete foundation or footing of a building.
V
Vapor Barrier
A material used in construction to prevent the movement of water vapor through building materials.
W
Walkthrough
A visual inspection of a property conducted by potential buyers typically after an offer has been accepted but before the final sale.
X
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Y
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Z
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