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Glossary of Real Estate Terms

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Term	Definition
Contingencies for Repairs	In your purchase offer, you may consider stating that the seller must make sure the electrical systems, heating and cooling, plumbing, and mechanical systems are functioning properly at the closing. You may also state that your purchase is contingent upon the satisfactory completion of a professional home inspection, which will check these systems and other elements more completely. These are both ways to ensure that surprises don't arise when your moving day arrives. If you do not include this clause in your contract, you are essentially accepting the house "as is."

Term

Definition

Contingencies for Repairs

In your purchase offer, you may consider stating that the seller must make sure the electrical systems, heating and cooling, plumbing, and mechanical systems are functioning properly at the closing. You may also state that your purchase is contingent upon the satisfactory completion of a professional home inspection, which will check these systems and other elements more completely. These are both ways to ensure that surprises don't arise when your moving day arrives. If you do not include this clause in your contract, you are essentially accepting the house "as is."

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