Homeowners Unit Flashcard

Front

What is the principal in the lending context?

Back

The amount of money originally received from the lender

Front

What does the interest rate represent?

Back

A percentage of a sum borrowed charged by a lender

Front

What is a mortgage used for?

Back

To buy a home or borrow money against a home's value

Front

What is the closing date in a property transaction?

Back

The day the buyer receives the keys and becomes the owner.

Front

What is a security deposit?

Back

A one-time payment made to a landlord before moving in.

Front

What is included in real estate?

Back

Land, buildings, and physical structures

Front

What is a Purchase Agreement?

Back

A legally-binding contract signed by the buyer and seller of a property.

Front

What is a Mortgage?

Back

A specific kind of installment loan used to buy a property.

Front

What does Eviction mean?

Back

The act of forcing someone to move out due to a lease violation

Front

What is Earnest Money?

Back

A one-time payment to show commitment to buying a property.