 | This article relies largely or entirely on a single source .(May 2024) |
A pre-delivery inspection is an inspection carried out, either by a purchaser or seller, prior to the final delivery of the product. It is used in several industries.
| | This article relies largely or entirely on a single source .(May 2024) |
A pre-delivery inspection is an inspection carried out, either by a purchaser or seller, prior to the final delivery of the product. It is used in several industries.
In the automotive industry, a pre-delivery inspection is "the final check carried out by the dealer on a car before they hand it over to you", [1] and includes various checks to ensure that the vehicle is up to a certain standard before it is presented to the purchaser. [1]
The pre-delivery inspection, which generally applies to newly built homes, is a real estate term that means the buyer has the option (or requirement, depending upon how the real estate contract is written) to inspect the property prior to closing or settlement. These inspections generally take place up to a week before a closing, and they generally allow buyers the first opportunity to inspect their new home. Additionally, the inspection is to ensure that all terms of the contract have been met, that the home is substantially completed, and that major items are in working order.
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. A typical conveyancing transaction has two major phases: the exchange of contracts and completion.
The National House Building Council (NHBC) states its primary purpose as raising the construction standards of new homes in the United Kingdom (UK), and providing consumer protection for homebuyers through its 10-year Buildmark warranty.
This aims to be a complete list of the articles on real estate.
An inspection is, most generally, an organized examination or formal evaluation exercise. In engineering activities inspection involves the measurements, tests, and gauges applied to certain characteristics in regard to an object or activity. The results are usually compared to specified requirements and standards for determining whether the item or activity is in line with these targets, often with a Standard Inspection Procedure in place to ensure consistent checking. Inspections are usually non-destructive.
Title insurance is a form of indemnity insurance predominantly found in the United States and Canada which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans. Unlike some land registration systems in countries outside the United States, US states' recorders of deeds generally do not guarantee indefeasible title to those recorded titles. Title insurance will defend against a lawsuit attacking the title or reimburse the insured for the actual monetary loss incurred up to the dollar amount of insurance provided by the policy.
A bridge loan is a type of short-term loan, typically taken out for a period of 2 weeks to 3 years pending the arrangement of larger or longer-term financing. It is usually called a bridging loan in the United Kingdom, also known as a "caveat loan," and also known in some applications as a swing loan. In South African usage, the term bridging finance is more common, but is used in a more restricted sense than is common elsewhere.
A real estate contract is a contract between parties for the purchase and sale, exchange, or other conveyance of real estate. The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. Real estate called leasehold estate is actually a rental of real property such as an apartment, and leases cover such rentals since they typically do not result in recordable deeds. Freehold conveyances of real estate are covered by real estate contracts, including conveying fee simple title, life estates, remainder estates, and freehold easements. Real estate contracts are typically bilateral contracts and should have the legal requirements specified by contract law in general and should also be in writing to be enforceable.
Purchasing is the procurement process a business or organization uses to acquire goods or services to accomplish its goals. Although there are several organizations that attempt to set standards in the purchasing process, processes can vary greatly between organizations.
Gazumping occurs when a seller accepts a verbal offer on the property from one potential buyer, but then accepts a higher offer from someone else. It can also refer to the seller raising the asking price or asking for more money at the last minute, after previously verbally agreeing to a lower one. In either case, the original buyer is left in a bad situation, and either has to offer a higher price or lose the purchase. The term gazumping is most commonly used in the United Kingdom and Ireland, although similar practices can be found in some other jurisdictions.
In banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled. This process turns the promise of payment into the actual movement of money from one account to another. Clearing houses were formed to facilitate such transactions among banks.
Closing costs are fees paid at the closing of a real estate transaction. This point in time called the closing is when the title to the property is conveyed (transferred) to the buyer. Closing costs are incurred by either the buyer or the seller.
A certified pre-owned car or CPO is a type of used car. It is also used in references to guns and phones. The term "certified pre-owned was conceived by corporations in order to find a more favorable alternative to marketing products as 'used,' which causes consumers to impose their cognitive biases associated with 'used' items onto prospective purchases. There is no distinction or standard as to what is the difference between a used item and a certified pre-owned one, except that it is implied the certified pre-owned has been inspected and confirmed as working. Inspection, refurbishing, certification of functioning and other methods are sometimes employed by companies, but there is no standard for what distinguishes that which is certified pre-owned from something that is used.
An escape clause is any clause, term, or condition in a contract that allows a party to that contract to avoid having to perform the contract.
A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections. The inspector prepares and delivers to the client a written report of findings. In general, home inspectors recommend that potential purchasers join them during their onsite visits to provide context for the comments in their written reports. The client then uses the knowledge gained to make informed decisions about their pending real estate purchase. The home inspector describes the condition of the home at the time of inspection but does not guarantee future condition, efficiency, or life expectancy of systems or components.
A home warranty is a contract that agrees to provide a homeowner with discounted repair and replacement services. However, the words "home warranty" are not always used explicitly to mean a legal warranty is being conveyed. In many cases, at least in the United States, a home warranty is not a warranty at all, but rather a home service contract that covers the repair and/or replacement costs of home appliances, major systems such as heating and cooling, and possibly other components of a home, structural or otherwise. Coverage varies significantly across home warranty companies.
Off-plan property is a property before a structure has been constructed upon it. Pre-constructions are usually marketed to real estate developers and to early adopters as developments so that the purchaser can secure more favorable finance terms from their lenders.
A real estate transaction is the process whereby rights in a unit of property are transferred between two or more parties, e.g. in the case of conveyance one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred, the amount of money being exchanged, and government regulations. Conventions and requirements also vary considerably among different countries of the world and smaller legal entities (jurisdictions).
A freehold, in common law jurisdictions such as England and Wales, Australia, Canada, Ireland, and twenty states in the United States, is the common mode of ownership of real property, or land, and all immovable structures attached to such land.
The sale and purchase of ship is an important aspect of the shipping industry. It may involve large amounts of money and requires brokers to possess knowledge of types of vessels and their function, knowledge of maritime law, as well experience in bargaining. To reduce the number of disputes and smoothen the sale and purchase procedure, normally the ship-owner (seller) and the buyer will appoint brokers as middlemen to handle the transaction. There are three main stages for the sale and purchase of a ship which include: (1) the negotiation and contract stage, (2) the inspections stage, and (3) the completion. From different stages, it includes different important issues and regulations.
A cash offer refers to an offer made to purchase real estate submitted by purchasers who do not require any financing since they do not require a mortgage. The purchase is referred to as an "all-cash buyer." Such a buyer may also waive the appraisal, although not necessarily, since the contingency may exist to test or ensure the property's market value. The term “cash offer” is typically applied to contracts in which both of these contingencies do not appear. Cash offers are common in markets like Denver, Colorado, Seattle, Los Angeles, and are compounded by the limited supply of homes.
 | This automobile-related article is a stub. You can help Wikipedia by expanding it. |
 | This real estate article is a stub. You can help Wikipedia by expanding it. |