Housing Options and Ownership

Flashcards covering key vocabulary and concepts related to housing options, renting, and home ownership.

Lease

A legal document that renters sign agreeing to pay rent and maintain the property.

Security Deposit

A payment requested by owners to cover any damages caused by renters.

Mortgage

A long-term loan taken out to purchase a home, typically with terms of 15 to 30 years.

Condominium

A type of housing where each owner has a deed to their unit and shares ownership of common areas.

Cooperative (Co-op)

A real estate corporation formed by unit owners who own the building jointly.

Condo Association

A group of unit owners in a condominium who manage and oversee the maintenance of the building.

Homeowner's Insurance

Insurance coverage that protects homeowners against damage to their property and liability.

Investment Property

A property owned for the purpose of generating income through rental.

Property Taxes

Taxes paid by homeowners based on the value of their property.

Down Payment

The initial payment made when purchasing a home, typically 5-10 percent of the purchase price.