Title: Describe the process of purchasing a residence.
Course: Personal Finance (19262-II) > Section: Demonstrating Knowledge of Planning for Living and Leisure Expenses

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