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6.07

Vocab

TermDefinition
Closing Costs Fees and charges associated with the purchase of the 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.
Homeowner's Association Dues Monetary or yearly fees that pays for the maintenence of shared areas and necessary repairs throughout the community.
Equity Monetary value of a property minus the amount owed on the property.
Homeonwers 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 in the lease grantor.
Mortage 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 the real estate.
Real Estate Agent Licensed individual representing a buyer or seller in a contractual transaction to purchase real property.
Rent The price paid for the use of someone else's property.
Rental Agreement A contact specifying the tenant's and landlord legal respnsibilties.
Renter's Insurance An optional (but important) purchase that covers damage or loss of personal property and liability in a rental home.
Security Deposit Money paid to a landlord to cover potential cleaning costs at the end of the lease, as well as any damages the property suffered during occupancy.
Special Assessments Fees collected by the local city government for utilities, road maintenance and other services such as fire protection and street lighting.
Tenant A person who rents the property.
Created by: MarkEfird
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