House | Buying Terms

: The primary contract between a buyer and seller that outlines the price, terms, and conditions of the sale.

: The legal concept of ownership. The Title Deed is the physical (or digital) paper that serves as evidence of that ownership.

: A legal document that formally transfers ownership from the seller to the buyer. It must be signed by the seller and is typically filed with local government records.

Real estate professionals often use specific "rules" to help buyers determine if they can afford a home:

When people refer to the "papers" for a house, they usually mean the documents that prove you own it or the legal contract used to buy it.

: The legal process of transferring property from one owner to another. 3. Guidelines for Affordability

: A deposit made to the seller to prove you are serious about buying the home.

: A framework suggesting you have three months of living expenses saved, three months of mortgage payments in reserve, and have compared at least three properties.