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13 terms

Personal and Family Finance Unit 8

STUDY
PLAY
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