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Definition
| A building that houses more than one family in separate living units |
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Definition
| A building that houses more than one family; each person owns walls and air space of the unit |
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| A person buys shares in a corporation that owns the property; owners pay fees for maintenance and service costs, building mortgages, and taxes; co-op determines management, restrictions, and operating policies |
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Definition
| A custom-built, development, modular, or kit house or townhouse |
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| manufactured “mobile” home |
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Definition
| A single-wide or double-wide moveable home |
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Definition
| A building that contains two separate living units |
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Definition
| A dwelling of two or three stories that attaches at sidewalls to other units; each person owns walls and air space plus property rights and yard of the unit |
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Definition
| A living space on college/university campuses available to attending students only |
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Definition
| To pay a security deposit and monthly payments to a landlord |
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Definition
| To purchase with cash or through a down payment plus monthly mortgage loan payments |
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Definition
| Tasks involved in keeping a home liveable and functional---cutting grass, changing light bulbs, making minor repairs, painting, cleaning gutters |
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Definition
| The ability to move quickly and easily |
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Definition
| Ownership; the value of property owned |
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Definition
| Any condition that qualifies a person for a tax credit or deductible expense |
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Definition
| A legal agreement between a landlord and a tenant stating terms agreed upon by both |
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Definition
| A person who leases or rents a living space |
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Definition
| A person who owns a living space that is rented/leased; a landlord |
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Definition
| Money paid by lessee to lessor in advance of occupance of living space; used to pay costs of any damages done to property while occupied |
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Term
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Definition
| When a tenant finds another person to live in his/her leased space |
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Term
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Definition
| Any stipulation or requirement that is agreed upon in a lease |
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Term
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Definition
| A legal notice to a lessee to move out of a property |
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Definition
| Newspaper ads showing available homes for sale |
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Definition
| An opportunity for interested buyers to walk through a home that is for sale |
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Definition
| A professional person who buys and sells homes |
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Definition
| A deposit to prove that a buyer is serious about purchasing |
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Definition
| Any condition that must be met in order for a home buying deal to occur |
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Definition
| Part of the purchase price for a home that is paid in cash up front |
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Definition
| The final step in buying a home where conditions of purchase are met; all parties must be present---buyer, seller, lender, real estate agent, attorney |
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Term
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Definition
| Fees that must be paid by buyer or seller at the time purchase is finalized |
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Term
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Definition
| Mortgage payments paid by the buyer to the lender each month |
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Term
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Definition
| Property ytax, insurance, and associated fees |
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Term
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Definition
| Money in a bank account held in trust to pay taxes and insurance when due |
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Term
| conventional (fixed rate) mortgage |
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Definition
| Interest rate and monthly payment amount remains the same for the life of the loan |
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Term
| adjustable rate mortgage (ARM) |
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Definition
| Interest rate changes to reflect changes in economy; may change yearly; monthly payment will increase |
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Definition
| A loan from Federal Housing Administration; insures loans to low- and moderate-income families who might not otherwise qualify for a mortgage |
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Term
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Definition
| A loan from Veterans Affairs; insures loans to people who have served in the military, with no down payment required |
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