The National House Building Council, usually known as the 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.
A real estate agent or broker is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency. Many states require written disclosures to be signed by all parties outlining the duties and obligations.
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.
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property. Real estate transactions often require appraisals because they occur infrequently and every property is unique, unlike corporate stocks, which are traded daily and are identical. The location also plays a key role in valuation. However, since property cannot change location, it is often the upgrades or improvements to the home that can change its value. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property.
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.
A good faith estimate, referred to as a GFE, was a standard form that had to be provided by a mortgage lender or broker in the United States to a consumer, as required by the Real Estate Settlement Procedures Act (RESPA). Since August 2015, GFE has been replaced by a loan estimate form, serving the same purpose but following slightly different guidelines set by CFPB, so as to reduce consumer confusion. A good faith estimate is a standard form intended to be used to compare different offers from different lenders or brokers. The estimate must include an itemized list of fees and costs associated with the loan and must be provided within 3 business days of applying for a loan. Since RESPA does not apply to Business Purpose Loans, no GFE is provided in those transactions.
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.
Under Part 5 of the Housing Act 2004 a Home Information Pack, sometimes called a Seller's Pack, was to be provided before a property in England and Wales could be put on the open market for sale with vacant possession. There is separate legislation for Scotland that requires anyone selling a property to provide a Home Report. The pack was a set of documents about the property: an Energy Performance Certificate, local authority searches, title documents, guarantees, etc. The introduction of HIPs was subject to delays and reduced requirements, but they became mandatory for homes with four or more bedrooms on 1 August 2007 and were extended to three-bedroomed properties from 10 September 2007.
Commercial property, also called commercial real estate, investment property or income property, is real estate intended to generate a profit, either from capital gains or rental income. Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and garages. In many states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes.
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. 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 building inspection is an inspection performed by a building inspector, a person who is employed by either a city, township or county and is usually certified in one or more disciplines qualifying them to make professional judgment about whether a building meets building code requirements. A building inspector may be certified either as a residential or commercial building inspector, as a plumbing, electrical or mechanical inspector, or other specialty-focused inspector who may inspect structures at different stages of completion. Building inspectors may charge a direct fee or a building permit fee. Inspectors may also be able to hold up construction work until inspection has been completed and approved.
In the United States, an environmental site assessment is a report prepared for a real estate holding that identifies potential or existing environmental contamination liabilities. The analysis, often called an ESA, typically addresses both the underlying land as well as physical improvements to the property. A proportion of contaminated sites are "brownfield sites." In severe cases, brownfield sites may be added to the National Priorities List where they will be subject to the U.S. Environmental Protection Agency's Superfund program.
Leaseback, short for "sale-and-leaseback", is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it. The transaction is generally done for fixed assets, notably real estate, as well as for durable and capital goods such as airplanes and trains. The concept can also be applied by national governments to territorial assets; prior to the Falklands War, the government of the United Kingdom proposed a leaseback arrangement whereby the Falklands Islands would be transferred to Argentina, with a 99-year leaseback period, and a similar arrangement, also for 99 years, had been in place prior to the handover of Hong Kong to mainland China. Leaseback arrangements are usually employed because they confer financing, accounting or taxation benefits.
A Comp Check is a request made to a State Licensed or Certified real estate appraiser, sometimes to assure a minimum opinion of value before an order, is placed. Because providing an opinion of value is the definition of an appraisal in the United States, the practice of the look-up, when excess care is not taken, runs a greater risk of being in violation of the Uniform Standards of Professional Appraisal Practice (USPAP) than an assignment with a more thorough Scope of Work.
A real estate transaction is the process whereby rights in a unit of property is transferred between two or more parties, e.g. in 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 among smaller legal entities (jurisdictions).
Facility condition assessment is an analysis of the condition of a facility in terms of age, design, construction methods, and materials. The individuals who perform the assessment are typically architects and engineers, and skilled-trade technicians. Engineering and architectural professional opinions as to the conditions observed are part of the assessment. Building diagnostics go beyond facility condition assessments to determine solutions to the problems found and predict outcomes of the solutions.
A reserve study is a long-term capital budget planning tool which identifies the current status of the reserve fund and a stable and equitable funding plan to offset ongoing deterioration, resulting in sufficient funds when those anticipated major common area expenditures actually occur. The reserve study consists of two parts: the physical analysis and the financial analysis. This document is often prepared by an outside independent consultant for the benefit of administrators of a property with multiple owners, such as a condominium association or homeowners' association (HOA), strata, containing an assessment of the state of the commonly owned property components as determined by the particular association's CC&Rs and bylaws. Reserve studies however are not limited only to condominiums and can be created for other properties such as resort properties, apartment buildings, worship facilities, private schools, private (golf/social) clubs, and office parks.
A pre-purchase inspection is an independent, third-party professional service that evaluates a vehicle’s condition before a purchase offer is made. Consumer protection organizations such as the Federal Trade Commission, the American Bar Association, insurance companies, and states recommend an independent pre-purchase inspection. The prospective buyer hires a qualified evaluator who examines the target vehicle for defects, hidden damage, maintenance history, and safety, then typically provides a written evaluation report. The service results in factual information that the prospective buyer uses as decision support for the vehicle purchase. Unless the vehicle is unsafe to drive, the evaluator does not provide a purchase recommendation.
