Home Buying Vocab. Test

Front

Highest price a home can fetch on the market

Back

Market Value

Front

Expenses for ownership transfer in real estate

Back

closing cost

Front

Legal write-off reducing tax liability

Back

Tax shelter

Front

Loan for real estate purchase

Back

Mortgage

Front

Determining how much money you can borrow

Back

pre qualify

Front

Legally established ownership of property

Back

Title

Front

Written report detailing house and property conditions

Back

Inspection report

Front

Legal document transferring real property title.

Back

Deed

Front

Fund held by a financial institution to pay amounts due during the year.

Back

Escrow account

Front

Policy protecting buyers from claims due to defective title.

Back

title insurance