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6.07
Major Expidentures
Term | Definition |
---|---|
closing costs | fees, charges associated w/ property purchases |
depreciation | decrease in value as the item's useful life decreases |
down payment | portion of the purchase price not borrowed |
equity | assets (-) liabilities |
homeowner's association dues | monthly/annual fees that pay for the maintenance of community expenses |
landlord | person owning the property |
leasing | renting a product while ownership remains w/ the lease grantor |
mortgage insurance | protects the lender in case the mortgage payment cannot be paid and the lender must foreclose the property |
mortgage | loan for the purchase or real estate |
real estate agent | licensed individual representing a buyer/seller in a contractual transaction to purchase real property |
rent | price paid for using someone else's property |
rental agreement | contract specifying the tenant's and landlord's legal responsibilities |
renter's insurance | optional; covers damage/loss of personal property and liability in a rental home |
security deposit | $ paid to landlord to cover potential cleaning costs at the lease's end and covers damages suffered while occupied |
special assessments | fees issued by the local city govt. for utilities, road maintenance, etc. |
tenant | person who rents property |
homeowner's insurance | covers damage/loss of structure and contents and liabilities in case of injuries |