Glossary – I

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Inspection/Inspector

A home inspection is a thorough investigation of the home issued by the buyer. The buyer has ten days from the moment seller agrees to the price to schedule a home inspection. A licensed inspector examines and provides a full report on the state of the property.

Interest

Interest is a term that specifies the percentage of deposit balance. Interest is a periodical payment the borrower owes to the lender as a privilege for a loan.