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Lesson 4
Key Terms
| Term | Definition |
|---|---|
| Landlord | The company or individual that owns an apartment |
| Lease | A legal document signed by both the tenant and the landlord that contains the terms of the agreement, such as the names of the tanant(s), the rent amount, and the responsibilities of the landlord and the tenant. |
| Location | The location of your apartment is an important safety consideration and also determines your ease of getting to work, buying groceries, etc. |
| Notice | An amount of time required in advance if either the landlord or the tenant wishes to discontinue the rental agreement. This courtesy allows both parties time to make other arrangements. |
| Rent | The payment, usually monthly, that the tenant pays to the landlord. |
| Security Deposit | A sum of money usually equal to one month's rent, held by the landlord to cover any damage to the apartment caused by a tenant. |
| Tenant | The person renting the apartment. |
| Term | The length of a rental agreement, usually a period of one year. |
| Unit | One individual apartment. A large apartment building may contain 20 or more units. |
| Utilities | Items and serviced needed to make a house or apartment functional such as hot water, electricity, natural gas, phone service, and cable service. |
Created by:
miranda314
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