Chapter 10 Vocabulary

Apartment A room or suite of rooms designed as a residence and generally located in a building occupied by more than one household.

Condominium A building or complex in which units of property, such as apartments, are owned by individuals and common parts of the property, such as the grounds and building structure, are owned jointly by the unit owners.

House A structure serving as a dwelling for one or more persons, especially for a family.

Closing costs Costs paid when buying a house or real estate.

Down Payment The part of the purchase price paid in cash up front, reducing the amount of the loan or mortgage.

Equity The difference between how much a house is worth and how much is owed on it.

Mortgage A loan to finance the purchase of real estate, usually with specified payment periods and interest rates?

Landlord A person who owns property and rents it to another.

Lease A written contract specifying the terms for the use of an asset and the legal responsibilities of both parties to the agreement, such as a property owner and tenant.

Rent A periodic payment for a place to live.

Tenant A person who pays rent; the legal name for a renter.