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Real Estate Dictionary – “H” is for Home Inspection
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Knowledge is Power — Real Estate Dictionary
My Colorado Springs Realtor said that landlords are required to keep the property habitable, what does this mean? Habitable means that the property must be fit to live in. If the property poses an imminent threat to the health or safety of the occupant, it is considered inhabitable.
What is hazard insurance? This insurance is for loss from physical damage to the property due to hazards such as fire, wind, and flood.
I’m looking at a property in Old Colorado City in Colorado Springs that is classified as a Historic Structure, what does this mean? It may be a property that is listed on the National Register of Historic Places located in a Historic district. The IRS provides tax incentives for preservation of designated historic buildings.
My brother said that my Aunt Sally who lived in Old Colorado City had a holographic will, not sure I know what this is. It’s a will that is written, dated, and signed in your Aunt Sally’s handwriting, but it was not witnesses. If you have questions about this, contact a local attorney.
Can I make the purchased of my home subject to a home inspection? Yes, in Colorado Springs, there is a section in the Colorado Contract that addresses Inspections, and there is a specific form for Inspection Resolutions items. Your Colorado Springs Realtor will be able to explain this to you in more detail.
My uncle wants to buy a half section of land in east of Colorado Springs, how big is this? A half section is 320 acres, which constitutes 1/12 of a township.
The MLS described a property I’m interested in as a handyman’s special, does this mean it needs a lot of work? Contact your Colorado Springs Realtor, and they will be able to get more details for you on the property including the current condition and the Seller’s Property Disclosure Form.
What is considered hazardous substances? The EPA’s web site has an extensive list of items that are considered hazardous.
What type of buildings in downtown Colorado Springs are considered high-rises? High-rises are generally considered higher than 6 stories, but there isn’t a national height standard.
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