Apartment
A room or suite of rooms designed as a residence and generally located ina building occupied by more than one household.
Condominium
A building or complex in which units of property are owned by individuals and common parts of the property are owned jointly by the unit owners.
House
A structure serving as a dwelling for one or more persons, especially for a family.
Landlord
A person who 'owns' property and rents it to another.
Lease
A 'written contract' specifying the terms for the use of an asset and the legal 'responsibilities' of both parties to the agreement, such as a property owner and tenant.
Rent
A periodic payment for a place to live.
Tenant
A person who pays rent; the legal name for a 'renter'.
Closing Costs
Costs paid when buying a house or real estate. Includes title insurance, attorney fees, appraisals, home inspection reports, points (additional down payments)
Down Payment
The part of the purchase price paid in 'cash up front', reducing the amount of the loan or mortgage.
Equity
The 'difference' between how much a house is worth and how much is owed on it.
Mortgage
A loan to finance the purchase of real estate, usually with specified payment periods and interest rates.
Amenities
Additional features such as swimming pools, exercise rooms, etc.
Earnest money
The deposit you pay when making an offer on a house --> shows you are serious about buying a house.
Fixed rate mortgage
Type of financing the MOST experts would recommend when buying a house.
Housing expense ratio
Your gross monthly income X 28% = maximum house payment you can afford (based on your income).
Preapproved mortgage
Allows the lender to determine 'how much you can afford to spend' on a home.
Negotiating
Discuss the terms of the house sale; includes details & conditions (contingencies) you want considered.
Private Mortgage Insurance
If your down payment on your house is less than 20%, you may be required to purchase each month with your mortgage payment.
Renters Insurance
Reimbursement in case of loss for anyone who rents a place to live.
COVERS: fire, lightning, windstorm, hail, freezing pipes, and theft.
Security Deposit
Payment that provides protection for the landlord for damage you made to the apartment, cleaning fees, and other costs.
Lease Termination
Can be done only by landlord or tenant.
Homeowners Association Fees
Annual fees for living in specific housing addition.