Housing S10

Front

Purpose of a lease

Back

A lease is a contract outlining the terms under which one party agrees to rent property owned by another party.

Front

Contents of a lease and concerning terms

Back

A lease should include terms of rent, duration, and responsibilities. Concerning terms might include hidden fees or unfair clauses.

Front

Definition of a security deposit

Back

A security deposit is a sum of money held in trust to cover potential damages or unpaid rent.

Front

Largest expenditure of one’s income

Back

Housing is typically the largest expenditure of one's income.

Front

Benefits and Costs of renting

Back

Benefits: Flexibility, lower upfront costs. Costs: No equity, potential rent increases.

Front

Benefits and Costs of Home Ownership

Back

Benefits: Building equity, stability. Costs: Maintenance, property taxes.

Front

Advantages of home ownership vs renting

Back

Home ownership offers equity building and stability, while renting offers flexibility.

Front

Definitions: rent, eviction, equity, subleasing

Back

Rent: Payment for property use. Eviction: Removal from property. Equity: Ownership value. Subleasing: Renting to another tenant.

Front

Definitions: tenant, landlord, property manager

Back

Tenant: Renter of property. Landlord: Owner of rental property. Property Manager: Oversees rental operations.

Front

Coverage of an escrow account

Back

An escrow account holds funds for property taxes and insurance.