Housing, Transportation, and Food

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Terms in this set (...)

Closing Costs
Fees and charges associated with the purchase of a property.
Depreciation
Decrease in the value of an asset associated with the decline in its remaining useful life.
Cost of living
The average cost of the basic necessities of life, including food, shelter, and clothing. Note: In the United States, the cost of living is monitored in the consumer price index (formerly called the cost-of living index), published monthly by the federal government.
Down Payment
Portion of the purchase price that is not borrowed.
Consumer Price Index
Is a measure that examines the weighted average of prices of a basket of consumer goods ans services, such as transportation, food and medical care.
Equity
Monetary value of a property minus the amount owed on the property.
Homeowner's Association Dues
Monthly or yearly fees that pay for the maintenance of shared areas and necessary repairs throughout the community.
Homeowner's Insurance
Covers damage or loss of the structure and contents, plus liability in case other are injured on the property.
Landlord
The person who owns the property.
Leasing
Renting a product while ownership title remains with the lease grantor.
Mortgage Insurance
Protects the lender in case a mortgage loan payment cannot be made and the lender has to take the property back through a process known as foreclosure (also known as private mortgage insurance)
Mortgage
A loan for the purchase of real estate.
Real Estate Agent
Licensed individual representing a buyer or seller in a contractual transaction to purchase real property.
Rent
The price aid for the use of someones elses's property.
Rental Agreement
A contrast specifying the tenet's and landlord's legal responsibilities.
Renter's Insurance
An optional (but important) purchase that covers damage and or loss of personal property and liability in a rental home.
Security Deposit
Money paid to a landlord to cover potential cleaning costs at the end of the lease, as well as any damages the property suffered during occupancy.
Special Assessment
Fees collected by the local city government for utilities, road maintenance and other services such as fire protection and street lighting.
Tenant
A person who rents the property.
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