Personal and Family Finance Unit 8
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Created by:
ramseys on January 13, 2010
Subjects:
Classes:
Personal & Family Finance, Mrs. Gray
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13 terms
Terms | Definitions |
|---|---|
 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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