When buying or selling a residential or commercial property in Myrtle Beach, it always helps to have a basic understanding of realty terms.
Useful Myrtle Beach Real Estate Terms
Myrtle Beach Real Estate Home Inspection — an examination of the condition of a home. They are done room by room, from the roof to foundation, and include looking carefully at things like pipes, heating and air conditioning, bathroom and kitchen sinks, as well as tubs, and faucets, and any appliances which are included with the sale. The basic idea is that the home inspector is trained to spot issues that typical Myrtle Beach property owner or buyer is likely to miss. This inspection is not intended to point out repairs that the current homeowner can see for themselves and should have disclosed in the listing or things that should be obvious to a buyer such as the color of the paint or the conditioning of the carpets.
Home Warranty Policy — insurance coverage which pays for home repairs to the working systems (heat, cooling, plumbing, and so on) and home appliance repair during the very first year of home ownership. Policies will vary. Generally, there is a deductible amount. They can be bought by the buyer or by the seller for the buyer.
Power of Attorney
Limited Power of Attorney — a document which provides another person the legal capacity to act for and sign papers for the buyer or seller in connection with the purchase and sale of a particular Myrtle Beach real estate. (An example of this occurred last summer when a friend of my kid’s offered his other half a minimal power of attorney to allow her to settle the sale of their house after he left for Iraq with members of his National Guard unit.) Contact a real estate attorney if this is a document you will need.
Personal Property—items such as home appliances which are not built-in, play equipment such as swings and above ground pools which are not in-ground, furniture, plants in containers. This could also include a shed which is detached from the house.
We will cover other terms in a future post but these are a few that often confuse buyers of Myrtle Beach real estate property. Make sure you thoroughly understand what you are buying before you sign on the dotted line.
Give Full Potential Real Estate, LLC a call now to inquire about their services.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577