People
This person is looking for a house to buy.
Buyer
This company is like the referee in a transaction.
Escrow company
Who pays for home inspections?
The Buyer
It is the difference between what you paid for your home and its current market value. Use it wisely!
Home Equity
Who can a real estate agent represent?
Buyers and Sellers
This person is looking to move to another house or place.
Seller
True or False - escrow companies hold money for people in the transaction.
TRUE
The total amount of money you pay at the end of a transaction.
Closing costs
Using equity to buy other investments is the process of what?
Leverage
What determines the amount of house you can afford?
Pre-Approval
This person represents the buyer or the seller in a real estate transaction.
Real estate agent/realtor
How much does the Earnest Money Deposit need to be?
3% of the purchase price
This is what you pay for to find out how much your home is worth.
Appraisal
If your home puts money in your pocket it is this.
What is an asset?
This is the period the buyer has to perform all of their inspections
Contingency Period
This person helps you find out how much you can spend on a house. They also approve your loan.
Mortgage broker/Lender
How long does a buyer have to make their Earnest Money deposit after their offer is accepted?
3 days
This contract is between the buyer and the bank. It's a contract that reflects how much to pay every month.
Mortgage
A home that takes money out of your pocket
A liability.
How much credit does a seller need to give a buyer?
Zero. Technically sellers do not have to give buyers anything.
This person looks at the home to determine what issues it has and reports back to the buyer.
Home Inspector
The Earnest money deposit is only a small portion of what? (hint: it's what you put towards a house)
The Down payment.
When paying your mortgage, some of your money goes to principle, the majority of it goes to this....
Interest
This is a fee homeowners pay the government which is based on the purchase price of their home.
Property Taxes.
This form lets a buyer know information about the house that may affect their decision to buy.
Seller Disclosures