Quiz: Test Your Property-Buying Knowledge!

Freehold property can be defined as any estate which is "free from hold" of any entity besides the owner. Hence, the owner of such an estate enjoys free ownership for perpetuity and can use the land for any purposes however in accordance with the local regulations.

Earnest money is a deposit made to a seller that represents a buyer's good faith to make a purchase such as the acquisition of a new home.

Closing costs are fees due at the closing of a real estate transaction in addition to the property's purchase price. Both buyers and sellers may be subject to closing costs.

An appraisal is an assessment of the fair market value of a property, business, antique, or even a collectible.

It would be a good idea to make a down payment of 15%-20% of the cost of an expensive asset such as a house when availing a home loan.

The first and the foremost step in the process to buy a house is finalizing a budget. Decide an approximate amount for which you want to buy a property.