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The Home Buying Process

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Questions and Answers

What is the purpose of an Agreement in Principle obtained from a lending institution?

To finalize the purchase of a home

To book viewings for potential homes

To find out how much can be afforded (correct)

To determine the proximity to work and schools

Which stage in the home buying process involves contacting a lender to find out how much can be afforded?

Stage 1: Look for a home (correct)

Stage 2: Make an offer

Stage 3: Appoint a solicitor/licensed conveyancer

Stage 4: Apply for a mortgage

Which factor should be considered when looking for a home?

Proximity to work

Availability of road links and public transport

Personal considerations

All of the above (correct)

At which stage in the home buying process is a solicitor/licensed conveyancer appointed?

Stage 3: Appoint a solicitor/licensed conveyancer Signup and view all the answers

When should a buyer apply for a mortgage in the home buying process?

Stage 4: Apply for a mortgage Signup and view all the answers

Which of the following is a common defect that may threaten the security of a loan and therefore the lending decision?

Dry rot Signup and view all the answers

What can happen to timber affected by dry rot?

It becomes extremely weak and crumbly Signup and view all the answers

What is the purpose of surveys and valuations when it comes to property defects?

To provide information about defects that may threaten the security of a loan Signup and view all the answers

What is one way to prevent the spread of dry rot in a property?

Sealing areas where damp can penetrate Signup and view all the answers

What is the recommended treatment for dry rot in timber?

Removal of all infected timber up to a metre beyond the contaminated area Signup and view all the answers