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