Vocabulary:
Lease: legal contract between the tenant and the landlord, specifying the responsibilities and rights of both parties
Landlord: owner of the rental property; may perform management duties or hire a property manager
Tenant: the person who rents the property; renters are usually
Rent: the cost of living in someone else’s property
Security Deposit: An advance payment to cover anything beyond normal wear and tear on the unit
Home Ownership: The buyer has purchased a housing unit as property
Equity: Owning a home is an investment because if a person sells a home for more than what it was bought for
Collateral: An item promised to the lender if the borrower does not pay back the loan
Lease: legal contract between the tenant and the landlord, specifying the responsibilities and rights of both parties
Landlord: owner of the rental property; may perform management duties or hire a property manager
Tenant: the person who rents the property; renters are usually
Rent: the cost of living in someone else’s property
Security Deposit: An advance payment to cover anything beyond normal wear and tear on the unit
Home Ownership: The buyer has purchased a housing unit as property
Equity: Owning a home is an investment because if a person sells a home for more than what it was bought for
Collateral: An item promised to the lender if the borrower does not pay back the loan
Other Information for Housing: http://www.familyconsumersciences.com/category/interior-design/housing/
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Housing Notes | |
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