Embarking on the journey to purchase your first or twenty-first home can be daunting and exciting simultaneously.  One thing is certain.  Whether you are a first timer or a seasoned pro, the steps to your purchase will essentially be the same. Contrary to popular belief, the first step is not to run out and start looking.  Your first step is to decide whether or not home ownership is for you.  Start by answering the questions on the reverse of this sheet to determine your readiness for home ownership. 

Whether you’re new to real estate lingo or feel you’re fairly astute when it comes to real estate knowledge, have some fun and test yourself  to see how much you do know.  Nothing ventured.  Nothing gained right?  Good luck!

 

Interest, Title, Appreciation, Mortgagor, Buyer Agency Agreement, Principal, Closing Costs, Equity, Multiple Listing Service (MLS®), Vendor

 

                              The increase of a property’s value over time.

 

                              Establishes a formal and exclusive relationship between the potential buyer and the   broker and its representatives.

 

                              Expenses in addition to the purchase price for buying and selling a property.

 

                              The cost of borrowing money.

 

                              The difference between the price for which a property can be sold and the mortgage(s) on the property.

 

                              The seller in a real estate transaction.

 

                              The legal evidence of ownership in a property.

 

                              The borrower.

 

                              The mortgage amount initially borrowed, or the portion still owing on the mortgage.

 

                              A system for relaying information to REALTORS® about properties for sale.

 

Now, let’s see how you did!

8-10 correct answers Very knowledgeable!  Good for you!

5-7 correct answers Fairly knowledgeable.  The learning curve continues!

Under 5 Don’t despair!  Once you’ve completed your purchase, you’ll know all this and more!