{"id":1118,"date":"2016-03-03T10:10:20","date_gmt":"2016-03-03T18:10:20","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1118"},"modified":"2016-03-02T13:00:49","modified_gmt":"2016-03-02T21:00:49","slug":"the-abcs-of-buying-a-home","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/03\/the-abcs-of-buying-a-home\/","title":{"rendered":"The ABC\u2019s of Buying a Home"},"content":{"rendered":"<p style=\"text-align: justify;\">With the spring real estate market about to hit its seasonal high, buyers and sellers will be flocking onto the scene. If you will be buying a home this spring, whether for the first-time or not, it\u2019s helpful to identify a few real estate basics that every buyer should know.<\/p>\n<p style=\"text-align: justify;\">A : Appraisal<br \/>\nA statement that indicates the official value of a property.<\/p>\n<p style=\"text-align: justify;\">B : Bridge Loan<br \/>\nA short-term interim loan that is made to a buyer to purchase a new home before they have sold their current home and can use the equity towards the new purchase.<\/p>\n<p style=\"text-align: justify;\">C : Closing Costs<br \/>\nCosts paid over and above the selling price of a property \u2014 this includes legal and administrative fees to finalize a home purchase and can typically run several thousand dollars when buying a home.<\/p>\n<p style=\"text-align: justify;\">D : Debt to Income Ratio<br \/>\nUsed by lenders and is calculated by determining an individual\u2019s total debt compared to total income.<\/p>\n<p style=\"text-align: justify;\">E : Equity<br \/>\nIn real estate terms, equity is the difference between the total value of a property and the amount left owed on the mortgage.<\/p>\n<p style=\"text-align: justify;\">F : Fixture<br \/>\nSomething movable that is physically attached to a home, such as a light fixture or wall shelf. Unless specifically excluded from a contract, a fixture is deemed to remain with the house upon sale.<\/p>\n<p style=\"text-align: justify;\">G : Government Loan<br \/>\nA government run program that provides purchasing assistance for first-time and other qualified buyers to assist in entering the real estate market.<\/p>\n<p style=\"text-align: justify;\">H : Home Inspection<br \/>\nOne of the most important aspects of the home buying or selling process, a home inspection is a visual accounting of a home\u2019s current condition, which is completed before the sale of a home is finalized.<\/p>\n<p style=\"text-align: justify;\">I : Insurance<br \/>\nA must-have item for purchasers, the cost of home insurance and required coverage should be obtained by all buyers prior to purchasing a home.<\/p>\n<p style=\"text-align: justify;\">J : Joint Tenancy<br \/>\nThe ownership of a property held joint by two or more individuals to whom ownership passes upon the death of one of the parties.<\/p>\n<p style=\"text-align: justify;\">K : Knob and Tube<br \/>\nA rudimentary system of electrical wiring, used up to the 1950s and consists of tubes held in place by porcelain knobs. A home containing knob and tube may have difficulty securing home insurance and is a consideration for potential buyers to have replaced.<\/p>\n<p style=\"text-align: justify;\">L : Liens and Encumbrances<br \/>\nA lien is a form of security which can be held for the payment of debt. Encumbrances are other restrictions on the property including setbacks, and right-of-ways that can complicate the sale process.<\/p>\n<p style=\"text-align: justify;\">M : Mortgage<br \/>\nA loan to cover the purchase of a home, usually amortized over several decades.<\/p>\n<p style=\"text-align: justify;\">N : Non-Load Bearing Wall<br \/>\nWhen considering a home for renovation, a non-load bearing wall is one that doesn\u2019t support the structure of a home, thus can be removed.<\/p>\n<p style=\"text-align: justify;\">O : Offer<br \/>\nThe legal contract to purchase or sell a home.<\/p>\n<p style=\"text-align: justify;\">P : Property Tax<br \/>\nA mandatory fee paid yearly to a local government body for basic services such as garbage and street lighting.<\/p>\n<p style=\"text-align: justify;\">R : Real Estate Agent<br \/>\nA highly skilled real estate professional who assists buyers and sellers during the sale process.<\/p>\n<p style=\"text-align: justify;\">S : Survey<br \/>\nA map showing the official boundaries of a property.<\/p>\n<p style=\"text-align: justify;\">T : Title Search<br \/>\nAn administrative search to ensure that no liens or other encumbrances exist on a property.<\/p>\n<p style=\"text-align: justify;\">U : Utilities<br \/>\nFees paid for services such as water, sewer, electricity, and gas, which are part of a home\u2019s annual operating costs.<\/p>\n<p style=\"text-align: justify;\">V : Vendor<br \/>\nThe seller of a home.<\/p>\n<p style=\"text-align: justify;\">W : Walk-Through<br \/>\nA private, agent-guided tour of a property for sale.<\/p>\n<p style=\"text-align: justify;\">Y : Yard<br \/>\nThe physical space surrounding a house that requires upkeep and maintenance.<\/p>\n<p style=\"text-align: justify;\">Z : Zoning<br \/>\nThe regulation that determines the use of buildings and other areas, such as residential, commercial, or agricultural.<\/p>\n<p style=\"text-align: justify;\">(Note: The letters Q and X were purposefully omitted.)<\/p>\n<p><a href=\"http:\/\/blog.coldwellbanker.com\/the-abcs-of-buying-a-home\/\" target=\"_blank\">The ABC\u2019s of Buying a Home<\/a> by Melina Gillies | Coldwell Banker Blue Matter<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the spring real estate market about to hit its seasonal high, buyers and sellers will be flocking onto the scene. If you will be buying a home this spring, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/03\/the-abcs-of-buying-a-home\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1118","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The ABC\u2019s of Buying a Home &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/03\/the-abcs-of-buying-a-home\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The ABC\u2019s of Buying a Home &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"With the spring real estate market about to hit its seasonal high, buyers and sellers will be flocking onto the scene. 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