Tips and considerations for first-time homebuyers navigating the market. Vocabulary in this post mortgage noun /ˈmɔː.ɡɪdʒ/ /ˈmɔɹ.ɡɪdʒ/ A special form of secured loan where the purpose of the loan must be specified to the lender, to purchase assets that must be fixed (not movable) property, such as a house or piece of farm land. The assets are registered as the legal property of the borrower but the lender can seize them and dispose of them if they are not satisfied with the manner in which the repayment of the loan is conducted by the borrower. Once the loan is fully repaid, the lender loses this right of seizure and the assets are then deemed to be unencumbered. Examples: "To buy a house, John took out a mortgage. " appraisal noun /əˈpɹeɪzəl/ A judgment or assessment of the value of something, especially a formal one. Examples: "The teacher's appraisal of my student's artwork was very positive. " commission noun /kəˈmɪʃən/ A fee charged by an agent or broker for carrying out a transaction. Examples: "The real estate agent charged a commission of 5% for selling the house. " negotiate verb /nəˈɡəʊ.ʃi.eɪt/ /nəˈɡoʊ.ʃi.eɪt/ To confer with others in order to come to terms or reach an agreement. Examples: "The students negotiated a later deadline for their project. " inspection noun /ɪnˈspɛkʃən/ The act of examining something, often closely. Examples: "Upon closer inspection, the animal turned out to be a dolphin, not a shark!" title noun /ˈtaɪtl̩/ Legal right to ownership of a property; a deed or other certificate proving this. Examples: "a good title to an estate, or an imperfect title" listing noun /ˈlɪstɪŋ/ An entry in a list or directory. Examples: "Aardvaark Plumbing is the first listing in Yellow Pages." offer noun /ˈɑfɚ/ /ˈɒfə(ɹ)/ /ˈɔfɚ/ An invitation to enter into a binding contract communicated to another party which contains terms sufficiently definite to create an enforceable contract if the other party accepts the invitation. Examples: "His first letter was not a real offer, but an attempt to determine interest."
