: The primary contract between a buyer and seller that outlines the price, terms, and conditions of the sale.
: A framework suggesting you have three months of living expenses saved, three months of mortgage payments in reserve, and have compared at least three properties. house buying terms
: The portion of the home's value that you actually own, calculated as the market value minus your remaining mortgage balance. : The primary contract between a buyer and
: In some regions, this document confirms a newly built property is fit for habitation. 2. Key Financial & Transaction Terms : In some regions, this document confirms a
When people refer to the "papers" for a house, they usually mean the documents that prove you own it or the legal contract used to buy it.
: The legal process of transferring property from one owner to another. 3. Guidelines for Affordability
Real estate professionals often use specific "rules" to help buyers determine if they can afford a home: