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6.07 Vocabulary

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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