Home Buying Vocab. Test

The highest price that a home will bring on the market

• Market Value

• Equity

• Tax Shelter

Expenses incurred in transferring ownership from buyer to seller in a real estate transaction

• mortgage

• appraised value

• closing cost

a legal write off that reduces tax liabilty

• escrow account

• tax shelter

• loan fee

loan to purchase real estate

• mortgage

• prequalify

• title

the process of determining how much money you are qualified to borrow

• pre qualify

• deed

• escrow

legally established ownership to property

• mortgage

• counter offer

• title

written report that details the existing conditions of the house and property

• inspection report

• money offer

• deed

legal document that transfers title of real property from one party to another

• insurance

• deed

• equity

fund where money is held by your financial institution to pay amounts that will come due during the year

• escrow account

• offer

• inspection

policy that protects the buyer from any claims arising from a defective title

• deed

• title insurance