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Quiz: Are you baffled by home buying?

Do you know your gazumping from your gazundering? How about the point when you're legally bound to buy the property?

Even if we've bought a property, we're are confused about what they can and can't do - and even what some of key words mean. Three quarters don't know what a conveyancer does, while 59% don't know when a sale is legally binding, according to research by property lawyers Slater and Gordon.

Do you think you can fare any better? Take our quiz, then compare your results against the rest of the UK.

1. What does a conveyancer do?

Conveyancing is the legal term for transferring ownership of property, whether you are buying or selling. A solicitor or conveyancer will handle contracts, give legal advice, carry out local council searches, deal with the Land Registry and transfer the funds to pay for your property.

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2. When is a house sale legally binding?

The sale is legally binding once contracts have been exchanged. This means both parties can pull out before then.

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3. What’s the difference between a freehold and a leasehold?

The freeholder of a property owns it outright, including the land it’s built on. With a leasehold, you own the property and its land for the length of your lease agreement with the freeholder. When the lease ends, ownership returns to the freeholder unless you are able to extend the lease.

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4. When must you pay the deposit on a home?

Though there are other fees you’ll pay up front, you won’t pay your deposit until you exchange contracts.

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5. What are gazumping and gazundering?

Gazumping is when someone puts in a higher bid after your offer has been accepted. Gazundering is when a buyer lowers their offer just before exchange

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Compare how well you did with the rest of the UK in the infographic below. Then share your results in the comments section.

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