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6.07 Vocabulary
| Term | Definition |
|---|---|
| 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 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 |
| Rent | The price paid for the use of someone else's property |
| Rental agreement | A contract specifying the tenant's and landlord's legal responsibilities |
| 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:
brooke.burgess
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