Chapter 7
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26 terms
Terms | Definitions |
|---|---|
 handyman's special | a home that is priced lower because it needs repair and improvements |
| lifestyle | the way a person choses to spend their time and money. |
| mobility | the ability to move easily from place to place. |
| tenant | a person who pays for the right to live in a residence owned by some on else. |
| landlord | the person who owns the property that you rent |
| lease | a legal document that defines the conditions of the rental agreement between the tenant and landlord |
| sublet | to sublet is to have a person other than the original tenant take over the rental unit and payments for the remaining term of the lease |
| security deposit | an amount of money paid to the owner of the property by a tenant to guard against any financial loss that the tenant may cause. |
| renters insurance | a type of insurance that covers the loss of a tenant's personal property as a result of damage or theft. |
| equity | the value of the homeless than the amount still owed on the money borrowed to purchase it. |
| zoning laws | regulations that limit how property in a given area can be used. |
| earnest money | the money person recieves by working. |
| escrow account | an account in which money is held in trust until it can be delievered to the designated party. |
| private mortgage insurance (PMI) | a special policy that protects the lender in case the buyer can't make payments, or can't make them on time. |
| mortgage | a long-term loan extended to someone who buys property |
| points | extra charges that must be paid by the buyer in order to lower interest rate. |
| amorization | the balance of the loan is reduced everytime you make a payment. |
| conventional mortgage | offers the buyer a fixed interest rate and a fixed schedule of payments. |
| adjustable rate mortgage (ARM) | a variable payment mortgage, has an interest rate that increases or decreases during the life of the loan. |
| home equity loan | a loan based on the difference between the current market value of your home and the amount still owe on the mortgage. |
| refinance | take out a new mortgage at a new mortgageat a lower interest rate. |
| closing | final step in buying a home. |
| closing cost | fees and charges for which a seller and buyer are responcible when a real estate transaction in completed. |
| title insurance | a type of insurance that protects the buyer in case problems with the title are found later. |
| deed | the official document transferring ownership from seller to buyer. |
| appraisal | an estimate of the current value of property. |
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