Jourdan Building Inspection Service

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DATE OF APPRAISAL Back to top The specific point in time as of which an appraiser designates the value of a home. Often stipulated as the date of inspection. DEBT Back to top An obligation to repay some amount owed. This may or may not be monetary. DEBT EQUITY RATIO Back to top The ratio of the amount a mortgagor still owes on a property to the amount of equity they have in the home. Equity is calculated at the fair-market value of the home, less any outstanding mortgage debt. DEED Back to top A document indicating the ownership of a property.

LATE CHARGE Back to top An extra charge, or penalty added to a regular mortgage payment when the payment is made late by an amount of time specified in the original loan document. LATENT DEFECTS Back to top Any defect in a piece of property which is not readily apparent, but which has an impact of the value. Structural damage or termite infestation would be examples of latent defects. LEASE Back to top A contract between a property owner and a tenant specifying the payment amount, terms and conditions, as well as the length of time the contract will be in force.

You need a home inspector. When you hire a home inspector, you are hiring an experienced professional who has training and experience in the building industry. It is the job of the home inspector to not only evaluate the condition of the house's major systems and structural integrity, but also to evaluate how these systems are working together and identify areas that need to be watched, repaired or replaced.

The Home Buyer Checklist identifies some of the important factors to consider when choosing a home. In addition to an affordable sales price, you will also want to be sure that the neighborhood and house meet the needs of your family.

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