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Buying a House (study for final)
Terms in this set (18)
Written and signed contract whereby the conditions of the sale of the home are agreed upon by the seller and buyer.
All the expenses which owners and sellers incur during the purchase/sell of a home in addition to the price of the property (recording fees, escrow fees, attorney's fees, title insurance, real estate commission, etc.)
The official document transferring ownership from seller to buyer
A portion of the total cost of the house that must be paid at closing.
A portion of the price of a home that the buyer deposits as evidence of good faith to indicate a serious purchase offer.
The difference between how much a house is valued as being worth, and the amount the owner still owes on the house
Funds, such as the Down Payment or Earnest Money, held by a third party until the sale of the home is final
Legal term applied to the actions of a lender forcing the re-payment of debt on the home by taking and selling the mortgaged home.
U.S. Department of Housing and Urban Development.
Cost of borrowing money.
A specific type of loan that is used to buy real estate
Amount charged by lender for providing the loan. (~1% of the loan amount.)
The amount of the loan still to be repaid.
The price at which the buyer agrees to buy, and the seller agrees to sell, the home
Real Estate Agent
A licensed professional who specializes in selling homes.
The document that shows ownership of a home.
Insurance that protects the buyer should it be discovered that the home was sold incorrectly.
Private Mortgage Insurance (PMI)
A type of insurance used to protect lenders if a borrower puts less than 20% down on a home purchase.
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