Buying a home
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Buying A Home. 50 Lessons Over Easy. Financial & Legal Matters to Settle When Buying a Home. Write “housing options” in the center of a piece of paper. Add the following terms around the edges: Condo, Single Family, Apartment, Manufactured/Mobile home, Townhouse.

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Buying A Home

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Buying a home

Buying A Home

50 Lessons Over Easy


Financial legal matters to settle when buying a home

Financial & Legal Matters to Settle When Buying a Home


Buying a home

  • Write “housing options” in the center of a piece of paper. Add the following terms around the edges: Condo, Single Family, Apartment, Manufactured/Mobile home, Townhouse.

  • Summarize what you know about each option, as well as the advantages and disadvantages of each.

  • Share answers in small groups.


Assignment site zone

Assignment: Site Zone

  • Students will take the handout and use the crayons, markers, and/or map pencils

    Public Areas = Green

    Private Areas = Blue

    Service Areas = Yellow


Purchase agreement

Purchase Agreement

  • A contract that is signed when both the buyer and the seller have reached an agreement on the house purchase.

  • This contract should include the description of the real estate, its location, the purchase price, and the possession date.


Abstract title

Abstract Title

  • A title is the tight ownership of a particular piece of property.

  • An abstract title is a summary of the public records relating to the ownership of a particular piece of property.

  • This document shows that the seller is the legal owner of the home.


Survey

Survey

  • This document or map shows the measurements and boundaries of the property.

  • It is often required by the lender before they will lend money for the real estate.


Mortgage

Mortgage

  • A lone for a home is called a mortgage.

  • Most people have to loan money from a lender to purchase a home.

  • It is paid in monthly payments over a set of several years.


Appraisal

Appraisal

  • An appraisal is the estimate of the value of the real estate.

  • Most lenders will require it before getting a loan.


Closing cost

Closing Cost

  • These are fees that must be paid off before the sale of the home is final.

  • Closing costs can include: abstract of title, survey, appraisal, recording the mortgage, recording the deed, documentary stamps, escrow fees and attorney’s fees.


Buying a home

If you were single, just graduating from college, would you rent or buy? In both cases, what are the requirements? If you had a small family, would you choose to rent or buy and why? Why might people choose to rent a home their entire life?


Video hgtv com

Video: HGTV.COM


Buying a home

RM 5-1…Hunting for Housing


Video hgtv com1

Video: HGTV.COM


Assignment buying or renting

Assignment: Buying or Renting

Activity C…Buying or Renting


Guest speaker

Guest Speaker

  • Real Estate Agent

  • Activity D: Real Estate


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