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Finance 6.07

Major Expenditures Vocabulary

TermDefinition
Closing costs Fees and charges associated with the purchase of a property.
Depreciation Decrease in the value of an asset associated with the decline in its remaining useful life.
Down payment Portion of the purchase price that is not borrowed.
Equity monetary value of a property minus the amount owed on the property.
Homeowner's Association dues Monthly or yearly fees that pay for the maintenance of shared areas and necessary repairs throughout the community.
Homeowners insurance Covers damage or loss of the structure and contents, plus liability in case others are injured on the property.
Landlord The person who owns the property.
Leasing Renting a product while ownership title remains with the lease grantor.
Mortgage insurance Protects the lender in case a mortgage loan payment cannot be made and the lender has to take the property back through a process known as foreclosure (also known as private mortgage insurance.)
Mortgage A loan for the purchase or real estate.
Real estate agent Licensed individual representing a buyer or seller in a contractual transaction to purchase real property
Rental agreement A contract specifying the tenant's and landlord's legal responsibilities.
Created by: Tou Xiong
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