| A | B |
|---|
| Balloon payment | A final loan payment that is much larger than other installments |
| Closing costs | Various fees that must be paid by the buyer or the seller when a home purchase is finalized |
| Condominium ownership | A form of home ownership that involves individual ownership of a unit and shared ownership of common areas such as hallways and exterior grounds |
| Down payment | A portion of a purchase price paid by cash or check at the time of purchase |
| Duplex | A building that contains two separate living units |
| Earnest money | A deposit to prove that a buyer is serious about purchasing a home |
| Escrow account | A bank account in which money is held in trust |
| Landlord | An owner of rental property |
| Lease | A legal contract for renting a home that specifies the rights and responsibilities of the tenant and landlord |
| Mortgage | A loan obtained to purchase real estate; a lien (a legal claim) on the home or property that secures the promise to pay the debt |
| Tenant | A person, business or group that pays to use another person’s property. Someone who rents or leases a house or apartment from a landlord |
| Single-Family Detached | A home with no shared walls, designed to be used by one household |
| Row Houses or Townhouses | Separate dwellings for separate households that share attached walls |
| Apartments | Buildings that have multiple living spaces |
| Condominium | Several units built together, but each unit is purchased as a separate home |
| Manufactured Home | Built in the controlled environment of a manufacturing plant and transported in one or more sections on a permanent chassis |
