1. UNIT 7: CONSUMER SKILLS Section 4: Buying a House

2. I CAN  Apply the following to buying/renting a house:  Deed  Equity  Escrow/Earnest Money  Landlord  Lease  Security deposit  Tenant

3. Things Renter’s Should Know  Tenant/Landlord: a tenant rents the land/space/home from a landlord, who own the property  Renters pay a monthly amount, but also usually Security Deposit, which ensures they won’t cause damage  A Lease is the contract the tenant and landlord sign laying out the conditions of rental: how much $, when is $ due, late fees, damages, pets, rules, responsibilities, etc  Guest vs. Tenant: The LAW says you can kick a guest out any time, but if a person is paying rent, they are a tenant. They MUST be given 30 days notice to vacate the property.

4. Things Homeowner’s Should Know  Deed: This is similar to a car title. It proves you are the owner and is necessary to complete a sale  Equity: value of your house AFTER debts. If my house is valued (appraised) at $200,000, but I still owe $150,000, my equity is $50,000  Escrow/Earnest Money: Usually, people choose to have an escrow account that they pay with their mortgage payment, rather than paying each item individually. This usually includes homeowners insurance, property taxes, etc

5. CAN I?  Apply the following to buying/renting a house:  Deed  Equity  Escrow/Earnest Money  Landlord  Lease  Security deposit  Tenant I can prove this buy completing the “locating a home” portion of the performance packet. (The scoring Rubric can be found in the back of the performance packet)