Financing Related to Buying a House Flashcards
1
Q
A
2
Q
How can home buyers purchase a home?
A
- pay in cash
- obtain a home loan
3
Q
How much do banks or financial institutions grant for bonds?
A
- bonds up to 80% of the purchase price
4
Q
When are bonds payed?
A
- repayable in monthly instalments
5
Q
What does the amount that the bank is prepared to lend depend on?
A
- income of the prospective buyer
- condition of the property
6
Q
What is a conveyancer?
A
- attorney who specialises in property law
- oversees the transfer process of a property
7
Q
How does the Consumer Protection Act protect consumers when purchasing a house?
A
- requires seller to disclose the condition of the property to the buyer
- including all defects and problems
