inspect

Definition

To examine something critically and officially to uncover problems, defects, or compliance issues—basically a sanctioned witch hunt with a clipboard.

Example Usage

Building inspectors will inspect the new construction before issuing the certificate of occupancy.

Source: Common business and regulatory terminology

Related Terms

Beginner

origination fee

The charge lenders levy for processing your loan application and creating your mortgage. It's basically an admission fee to the debt party, typically 0.5-1% of the loan amount.

🏠 Real Estate

Intermediate

carrying costs

Ongoing expenses of property ownership including mortgage, taxes, insurance, utilities, and maintenance while holding property for investment. These costs literally 'carry' you financially from purchase to sale, often eating profits investors forgot to calculate.

🏠 Real Estate

Intermediate

hard money loan

A short-term, high-interest loan from private investors secured by property rather than creditworthiness, typically used by house flippers who need fast cash. It's called 'hard money' because of the asset-based collateral and the hard hit your wallet takes from those interest rates.

🏠 Real Estate

Intermediate

DTI ratio

Debt-to-Income ratio—the calculation that determines if you're financially responsible enough to borrow money, by comparing your debts to your income. It's how lenders mathematically judge your life choices.

🏠 Real Estate

Intermediate

zoning variance

Official permission to violate local zoning laws for your specific property, obtained by convincing bureaucrats that your unique situation justifies breaking the rules. It's a get-out-of-zoning-jail card that requires political finesse and often attorney fees.

🏠 Real Estate

Advanced

MAI

Member of the Appraisal Institute—a prestigious professional designation for real estate appraisers. The PhD of property valuation, complete with extensive education and testing requirements.

🏠 Real Estate

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wauw

what are you wearing...