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TOPICAL REAL ESTATE DICTIONARY Top 20 Terms Agents Buying Closing Contract Credit Inspection Law Financing Selling Taxes/Insurance Inspection asbestos A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard. dry rot A fungal decay that causes wood to become brittle and crumble. disclosure A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint. home inspection An examination of a home's construction, condition, and internal systems by an inspector or contractor prior to purchase. pest-control inspection A common pest-control inspection is a termite inspection, which is required in some states, such as California. radon A ground-generated radioactive gas that seeps into some homes through sump pumps, cracks in the foundation and other inlets. A serious health hazard. walk-through A buyer's final inspection of the home to determine if conditions in the purchase agreement have been satisfied.