Life Skills Bills Home Vocab

Front

Agreement of Sale (Sales Agreement)

Back

Written and signed contract whereby the conditions of the sale of the home are agreed on by the seller and the buyer.

Front

Closing Cost

Back

All the expenses which the buyers and sellers incur during the purchase/sale of a home in addition to the agreed price of the property.

Front

Down Payment/Earnest Money

Back

An amount of money the buyer pays to the seller immediately upon signing the agreement of sale.

Front

Foreclosure

Back

Legal term applied to the actions of the lender forcing the repayment of debt on the home by taking and selling the mortgaged home.

Front

Interest

Back

The cost of borrowing money, typically a percentage.

Front

Term

Back

The length of time to pay the loan.

Front

Mortgage

Back

A legal agreement in which the lender holds the title on the property in exchange for a loan that will allow the borrower to buy the property.

Front

Purchase Price

Back

The price at which the buyer agrees to buy, and the seller agrees to sell, the home.

Front

Principle

Back

The amount you are borrowing from the lender in order to buy the house.

Front

Deed

Back

The legal document that transfers ownership from one person to another.