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?

<p>Stage 3: Appoint a solicitor/licensed conveyancer (D)</p> Signup and view all the answers

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

<p>Stage 4: Apply for a mortgage (D)</p> 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?

<p>Dry rot (B)</p> Signup and view all the answers

What can happen to timber affected by dry rot?

<p>It becomes extremely weak and crumbly (A)</p> Signup and view all the answers

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

<p>To provide information about defects that may threaten the security of a loan (A)</p> Signup and view all the answers

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

<p>Sealing areas where damp can penetrate (B)</p> Signup and view all the answers

What is the recommended treatment for dry rot in timber?

<p>Removal of all infected timber up to a metre beyond the contaminated area (D)</p> Signup and view all the answers

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