HLS3O U3 Review

Housing where the occupant is paying no more than 30 percent of gross income for gross housing costs, including utility costs.

• Affordable Housing

• Efficiency Apartment

• Social Housing

• Cooperative Housing

A relatively self-contained housing unit in a building which is often rented out

• Condo

• Apartment

• Duplex

• Semi-Detached

Overdue rent

• Assign

• Lessee

• Arrear

• Security Deposit

A contract between a tenant and a landlord that stipulates the length of the lease, rent amount, and other terms

• Lease Agreement

• Rental Agreement

• Term of Lease

• Application

Another name for a tenant

• Lessee

• Lessor

• Landlord

• Subletter

The owner of property, such as houses, rooms, or apartments, that is rented out to another

• Lessee

• Landlord

• Lessor

• Guarantor

Agreeing to permit someone to use a rental property for a term less that the full term of the apartment lease, and to be paid for that permission, original lessee is still responsible for lease. 

• Lessor

• Sublet

• Assign

• Arrear

The time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however can be greater, up to a maximum of 30 years.

• Agreement of Purchase and Sale

• Amortization Period

• Debt-Service Ratio

• Conventional Mortgage

Last day of the term of the mortgage agreement.

• Maturity Date

• End Date

• Party Time

• Foreclosure

A mortgage payment is made up of which of the following:

• Principal

• Interest

• Taxes

• Closing Costs