| A | B |
|---|
| apartment | A building that houses more than one family in separate living units |
| condominium | A building that houses more than one family; each person owns walls and air space of the unit |
| cooperative | 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 |
| single-family house | A custom-built, development, modular, or kit house or townhouse |
| manufactured “mobile” home | A single-wide or double-wide moveable home |
| duplex | A building that contains two separate living units |
| townhouse | 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 |
| residence hall | A living space on college/university campuses available to attending students only |
| rent/lease | To pay a security deposit and monthly payments to a landlord |
| buy | To purchase with cash or through a down payment plus monthly mortgage loan payments |
| maintenance | Tasks involved in keeping a home liveable and functional---cutting grass, changing light bulbs, making minor repairs, painting, cleaning gutters |
| mobility | The ability to move quickly and easily |
| equity | Ownership; the value of property owned |
| tax benefit | Any condition that qualifies a person for a tax credit or deductible expense |
| lease | A legal agreement between a landlord and a tenant stating terms agreed upon by both |
| lessee | A person who leases or rents a living space |
| lessor | A person who owns a living space that is rented/leased; a landlord |
| security deposit | 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 |
| sublet | When a tenant finds another person to live in his/her leased space |
| condition | Any stipulation or requirement that is agreed upon in a lease |
| eviction | A legal notice to a lessee to move out of a property |
| Classified ads | Newspaper ads showing available homes for sale |
| open house | An opportunity for interested buyers to walk through a home that is for sale |
| real estate agent | A professional person who buys and sells homes |
| earnest money | A deposit to prove that a buyer is serious about purchasing |
| contingency | Any condition that must be met in order for a home buying deal to occur |
| down payment | Part of the purchase price for a home that is paid in cash up front |
| closing | 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 |
| closing costs | Fees that must be paid by buyer or seller at the time purchase is finalized |
| monthly loan payments | Mortgage payments paid by the buyer to the lender each month |
| continuing costs | Property ytax, insurance, and associated fees |
| escrow account | Money in a bank account held in trust to pay taxes and insurance when due |
| conventional (fixed rate) mortgage | Interest rate and monthly payment amount remains the same for the life of the loan |
| adjustable rate mortgage (ARM) | Interest rate changes to reflect changes in economy; may change yearly; monthly payment will increase |
| FHA loan | A loan from Federal Housing Administration; insures loans to low- and moderate-income families who might not otherwise qualify for a mortgage |
| VA loan | A loan from Veterans Affairs; insures loans to people who have served in the military, with no down payment required |
