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10 terms

ch34 buying a home

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tenancy by the entirey
a type of ownership that only a husband and wife can own
debt ratio
the amount of your monthly payments compared to your monthly income.
easement
right to use the land of another in a limited way
mortgage
written instrument by which the borrower pledges real property to the lender.
tenancy in common
type of co-ownership in which a person heirs inherit that person share of property upon death
equity
difference between the fair market value and mortgage
deed
written instrument that transfer ownership of real property
eminent domain
right of the government to take private land, with or without the consent of the owner, for public use.
joint tenancy
type of co-ownership in which the surviving joint tenants own all te property when a co-owner dies.
zoning laws
local ordinances that regulate the use of real property in specfied areas.