26 terms

Chapter 7

handyman's special
a home that is priced lower because it needs repair and improvements
the way a person choses to spend their time and money.
the ability to move easily from place to place.
a person who pays for the right to live in a residence owned by some on else.
the person who owns the property that you rent
a legal document that defines the conditions of the rental agreement between the tenant and landlord
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.
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.
a long-term loan extended to someone who buys property
extra charges that must be paid by the buyer in order to lower interest rate.
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.
take out a new mortgage at a new mortgageat a lower interest rate.
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.
the official document transferring ownership from seller to buyer.
an estimate of the current value of property.