Legal Documents
What is a driver's license?
This document serves as your identification for legal transactions.
What is a healthcare proxy?
This legal document designates a trusted person to make medical decisions on your behalf if you are unable to do so.
What is a security deposit?
This is typically required upfront before moving into a rental property and serves to protect the landlord against potential damages.
What is leasing?
This agreement allows you to use a vehicle or property for a specified period without owning it outright.
What is a mortgage payment?
This is the amount of money you must pay each month to an institution for borrowing money.
What is an employment contract?
This legal document outlines the terms of employment and can include specifics about salary and benefits.
What are probate assets?
These are assets that can be passed on to beneficiaries upon death, including homes and bank accounts.
What is the lease term?
A rental agreement usually has this type of duration specified, such as monthly or yearly.
What is a title?
When you purchase a home, you receive this that provides legal ownership.
What is the annual percentage rate (APR)?
This term refers to the overall cost of borrowing, including interest and fees, usually expressed as an APR.
What is a lease?
This contract is signed to grant a tenant the right to occupy a rental property for a specified term.
What is durable power of attorney?
This type of power of attorney allows someone to make financial decisions on your behalf.
What is the implied warranty of habitability?
This law ensures renters can live in safe and habitable conditions.
What is buying?
This option typically results in greater monthly payments but builds equity over time.
What is a credit score?
This evaluation determines how likely a borrower is to repay a loan based on credit history.
What is a deed?
This official document indicates ownership of property and is recorded in public records.
What is a living trust?
This is a trust that is set up during a person's lifetime, allowing them to control their assets while they are alive and distribute them upon death.
What is a rental agreement?
This document outlines the terms and conditions agreed upon by both the landlord and tenant.
What is the interest rate?
This metric signifies the cost of borrowing money expressed as a percentage.
What is disposable income?
This term refers to the amount of cash available to consume or invest after all necessary expenses have been paid.
What is a will?
This document expresses a person’s wishes regarding the distribution of their assets after death.
What is an estate tax?
This tax can apply to estates valued over a certain amount and is paid before assets are distributed.
What are tenant rights?
These laws vary by state but generally protect tenants from unfair eviction practices.
What is a mileage restriction?
Leasing a car usually has this limit on the number of miles driven per year.
What are hidden costs?
These costs are not directly calculated into your monthly mortgage payment but are necessary for home ownership such as maintenance and property taxes.