Buying and Selling
The person who purchases a property
What is the buyer
The amount paid upfront when buying a home
What is a down payment
The estimated value of a home by a professional
What is an appraisal
A written agreement to buy or sell property
What is a contract
A person who rents a property
What is a tenant
The person selling the property
A loan used to buy property
What is Mortgage
Money paid yearly to local government based on property value
What are property taxes
Permission to use someone else’s land for a specific purpose
What is an easement
The owner who rents out a property
What is a landlord
Money given to show serious intent to buy
What is earnest money
A loan with the same interest rate over time
What is a fixed-rate mortgage
Costs paid when finalizing a home purchase
What are closing costs
A legal claim against a property for unpaid debt
What is a lien
A written agreement to rent property
What is a lease
A condition that must be met for a sale to go through
What is a contingency
This score helps lenders decide if you qualify for a loan
What is a credit score
Money paid monthly to protect your home
What is homeowners insurance
The right to take someone’s property for public use with payment
What is eminent domain
Money paid at the start to cover damages or unpaid rent
What is a security deposit
When the deal is finalized and ownership transfers
What is closing
A loan where the interest rate can change
What is an adjustable-rate mortgage (ARM)
The difference between what a home is worth and what you owe
What is equity
When a lender takes a property because the owner didn’t pay the loan
What is foreclosure
The legal process of removing a tenant who doesn’t pay rent
What is eviction