Real Estate
Glossary
This glossary has been provided to help Colorado Springs
homebuyers understand the unique language
of the real estate business.
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Home
Equity Line of Credit:
Home equity line of credit is a mortgage loan. This, usually
happens in second position, and allows the borrower to get cash
drawn against the equity of his home, up to a predetermined amount
Home Inspection:
Home Inspection is a thorough inspection by a professional which
evaluates the structural and mechanical condition of a property.
A satisfactory home inspection is often included as a contingency
by the purchaser.
Homeowner's Insurance:
This is an insurance policy which combines personal liability
insurance and hazard insurance coverage for a residence and its
inhabitant.
Hazard insurance:
This insurance coverage comes in the event of physical damage
to a property from fire, wind, vandalism, or other hazards.
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