Inspection

Definition

A detailed examination of a property by a professional to find all the problems the owner conveniently forgot to mention.

Example Usage

The home inspection revealed significant mold damage in the basement.

Origin

From Latin 'inspicere,' meaning to look into or examine

Fun Fact

National Association of Home Inspectors conduct over 2 million inspections annually in the U.S.

Source: Real Estate Purchase Process

Related Terms

Intermediate

holdover tenant

A tenant who remains in possession of property after their lease expires without the landlord's permission. The houseguest who won't leave, except they're paying (or supposed to be paying) rent.

🏠 Real Estate

Beginner

inspection contingency

A contract clause allowing buyers to back out or renegotiate if the home inspection reveals problems, serving as an escape hatch for when dream homes turn into money pits. It's the buyer's insurance policy against buying someone else's disaster.

🏠 Real Estate

Beginner

Open House

A scheduled event where strangers wander through your home, judge your decorating choices, and eat your cookies with zero intention of buying. It's basically hosting a party where the guests critique your life.

🏠 Real Estate

Intermediate

comp killer

A severely underpriced or distressed sale in a neighborhood that drags down the comparable sales data for everyone else's properties. It's the one house that ruins the curve for the entire class.

🏠 Real Estate

Advanced

Pocket Listing

A property for sale that's kept secret from the general public, like a speakeasy for houses. Only the agent's inner circle gets to know about it, which is definitely not exclusionary at all.

🏠 Real Estate

Beginner

titleholder

The lucky individual or entity whose name appears on the property deed as the legal owner, meaning they get to pay all the taxes, insurance, and maintenance while everyone else admires their investment. This person has the legal right to possess, use, and transfer the property—along with the accompanying mortgage payments. Being a titleholder is basically having your name on the most expensive piece of paper you'll ever own.

🏠 Real Estate

Translate This Term

See “Inspection” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.

Try the Translator

Share This Term

Post on X Share on Facebook Share on LinkedIn

Discover a Term

Advanced

preemptive rights

The right to participate in future financing rounds to maintain ownership percentage, preventing dilution through passiv...