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PF 6.07

QuestionAnswer
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. Like when you buy car and you drive it many times it will be useless to buy in after a few years.
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
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)
Real Estate Agent Licensed individual representing a buyer or seller in a contractual transaction to purchase real property
Rental Agreement A contract specifying the tenanctsś and landlordś legal responsibilities
Security Deposit Money paid to a landlord to cover potential cleaning costs at the end of the lease, as well ad 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
Leasing Renting a product while ownership title remains with the lease grantor
Created by: abigail.xiong59