Interior Design 2.0
lease
legal document listing conditions of rental
eviction
legal process that forces a lessee to leave the property before the rental agreement expires
VA loan
MUST currently be a member of armed forces or a veteran. this doesnt require a down payment and Congress sets eligibility requirements
custom built house
a house built to the owners specifications
agreement of sale
a legally binding contract that the buyer and seller sign that states all of the conditions and specific terms of the sale. descriptions of property, purchase price, amount of down payment, any items to be included in the sale and how taxes are divided.
mortgage
amount the you owe on a home
efficiency apartment
apartment with a bathroom and one main room having a small kitchen area
general home
certified home inspector checks for structural soundness. Ensures plumbing, electrical and heating systems are good. Also the roofs and walls
closing cost
cost associated with closing of the loan and transferring the property in to the name of the buyer.
breach
failure to meet the terms of the contract
origination fee
fee paid to the lender for processing the loan. usually 1% of the loan mortgage
factory built housing
housing unit built completely in a plant and moved to a housing site in parts or fully finished
cooperative
housing unit obtained by buying shares in a nonprofit corporation
condo
housing unit that an individual owns, inside a building with other such units and common facilities shared with others
FHA loans
insured by the federal government against to borrower defaulting on the loan. usually a lower down payment. can be fixed or adjustable interest rate, anyone can apply for this loan
duplex
low rise building that houses two households
terms of loans
may be repaid in 15-30 years. paid in equal monthly payments
attorney fee
money paid to the attorney to represent the buyer at the time of closing.
earnest money
money that is given as a deposit by the potential buyer to seller to show that the buyer is serious about buying the property.
equity
money value of a house beyond what is owed
Termite
most common inspection
conventional mortgage loan
most common type of mortgage. usually 15or 30 year term. usually fixed rate
garden apartment
one story apartment with landscape grounds
inspections
part of the home buying process, several may be required by the lender or the state
rent
paying to use someone else's property
down
payment part of the total paid in the beginning
interest
price paid for the use of money
survey
this must be completed before the sale in order to establish that the building on the land is actually the same as in legal description.
penthouse
rental suite located at the top of an apartment high-rise
lessee
renter
landlord
rights and responsibilities of both the property owner
title search
search to that the seller actually hold the title to the property and no one else has any claims to the property.
sublet
transfer part interest in the renting property to someone else
kit house
type of manufactured housing that arrives at the site as unassembled parts or as a finished shell
appraisal
valuation of the property. determine how much the lender will loan for a mortgage
renter
who agrees to pay rent for a place to live