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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

Buying A Home

50 Lessons Over Easy

slide3

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.
slide11

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?

assignment buying or renting
Assignment: Buying or Renting

Activity C…Buying or Renting

guest speaker
Guest Speaker
  • Real Estate Agent
  • Activity D: Real Estate