Personal and Family Finance Unit 8

Created by ramseys 

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Closing costs

fees paid by the buyer or seller at the time the purchase of the house is finalized

Deed

the legal document by which the title is transferred from one person to another

Down payment

initial cash payment paid when buying an item on credit

Equity

the difference between the value of property and the amount owed for that property

Foreclosure

a legal proceeding in which the creditor either sells or repossesses property for failure to repay a debt

Lease

a legal document a lessee signs when agreeing to rent housing for a specified period of time; also for an automobile

Lessee

someone who pays rent to use or occupy property owned by someone else; also known as tenant

Lessor

a person who owns a property and rents it to someone else; also know as landlord

Lien

a claim upon property to satisfy a debt

Mortgage

long term home loan

Security Deposit

a fee paid by a lessee/tenant to cover the cost of any future damage that may be caused to the unit

Sublet

to move out of a rental unit before the lease is up and rent the unit to someone else while retaining legal responsibility for the lease

Title

legal document showing ownership of a vehicle

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