6.07 Word Scramble
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Term | Definition |
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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