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Warm – Up Housing Question

Warm – Up Housing Question. While creating your budget, what was most important to you have enough money for?. Monday, October 7, 2013. Buying a Home. There are six financial and legal matters to settle when buying a home. Purchasing Agreement Abstract Title Survey Mortgage Appraisal

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Warm – Up Housing Question

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  1. Warm – Up Housing Question While creating your budget, what was most important to you have enough money for? Monday, October 7, 2013

  2. Buying a Home • There are six financial and legal matters to settle when buying a home. • Purchasing Agreement • Abstract Title • Survey • Mortgage • Appraisal • Closing cost

  3. Purchase Agreement • A contract that is signed when both the buyer and the seller have reached an agreement on the house purchase. • This contract should include the description of the real estate, its location, the purchase price, and the possession date. • It should have in writing all the conditions and terms of the sale.

  4. Example

  5. Abstract Title • A title is the tight ownership of particular piece of property . • An abstract title is a summary of the public records relating to the ownership of a particular piece of property. • This document shows that the seller is the legal owner of the home.

  6. Survey • This document or map shows the measurements and boundaries of the property. • It is often required by the lender before they will lend money for the real estate. Click

  7. How to Surveying a House

  8. Survey • This document or map shows the measurements and boundaries of the property. • It is often required by the lender before they will lend money for the real estate. Click

  9. Mortgage • A loan for a home is called a mortgage. • Most people have to loan money from a lender to purchase a home. • It is paid in monthly payment over a set of several years. Click

  10. Appraisal • An appraisal is the estimate of the value of the real estate. • Most lenders will require it before getting a loan.

  11. Closing Cost • These are fees that must be paid off before the sale of the home is final. • Closing costs can include: • Abstract of title • Survey • Appraisal • Recording the mortgage • Recording the deed • Documentary stamps • Escrow fees • Attorney’s fees

  12. How much will one pay in closing costs? • Typically, home buyers will pay between about 2 and 5 percent of the purchase price of their home in closing costs. • So, if the home cost $150,000, one might pay between $3,000 and $7,500 in closing costs. • On average, buyers pay roughly $3,700 in closing costs.

  13. Buying a Home • Complete the Buying a Home worksheet • This must be handed in prior to dismissal

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