Describe the process of purchasing a residence.
Description should include identifying key steps in the purchase process:
- Identifying types of residences
- Single family
- Multi-unit
- Condominium
- Cooperative
- Securing a down payment
- Financing the home (e.g., securing a mortgage)
- Selecting and inspecting the property
- Identifying other costs associated with home purchase and ownership
- Obtaining homeowners and title insurance
- Signing a contract