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Closing costs

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


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


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


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


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


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


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


a claim upon property to satisfy a debt


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


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


legal document showing ownership of a vehicle

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