Test Your Home Buying Smarts with this Fun Quiz
1. What is the first step in the home buying process?
a) Finding a real estate agent
b) Getting pre-approved for a home loan
c) Searching for homes online
d) Attending open houses
2. What is a home inspection?
a) A test to see if the home has good feng shui
b) An examination of the home's condition by a professional inspector
c) A test to see how well the home is insulated
d) A test to see if the home is haunted
3. What is a contingency?
a) A clause in a contract that specifies certain conditions that must be met before the contract can be completed
b) A legal document that outlines the terms of a home sale
c) A list of repairs that must be made to a home before it can be sold
d) A legal document that grants ownership of a home to a buyer
4. What is a down payment?
a) The amount of money you pay to move into a new home
b) The amount of money you pay to secure a home loan
c) The amount of money you pay upfront toward the purchase of a home
d) The amount of money you pay to your real estate agent
5. What is closing?
a) The day you move into your new home
b) The day you sign the offer to buy your new home
c) The day the seller hands over the keys to your new home
d) The day you sign the final paperwork and complete the purchase of your new home.
How'd you do? Let's find out!
Question: What is the first step in the home buying process?
Answer: Getting pre-approved! One of the first questions your agent will ask is your price range. By getting pre-approved, you'll know exactly how much home you can afford --useful information before going to open houses or browsing online!
Question: What is a home inspection?
Answer: An examination of the home's condition by a professional inspector. Ok, this one was pretty easy, but all kidding aside, getting a home inspection is one of the best decisions you can make before committing to a home purchase contract.
Question: What is a contingency?
Answer: A clause in a contract that specifies certain conditions that must be met before the contract can be completed. You may encounter several types of contingency in a home buying transaction, including financial, appraisal, and inspection contingencies.
Question: What is a down payment?
Answer: The amount of money you pay upfront toward the purchase of a home. The down payment is a percentage of the home purchase price you pay out of pocket. This is due either on closing day or a few days before closing day.
Question: What is closing?
Answer: The day you sign the final paperwork and complete the purchase of your new home. This is the day you also receive the keys to the home, but ultimately, the main event that closing day marks is the final transfer of property ownership from the seller to the buyer.