Daily Vocab 6

Repossess

• an agreement under which a person borrows money to buy property

• retake possession of something when a buyer defaults on payments

• the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.

Mortgage

• an agreement under which a person borrows money to buy property

• the fact or condition of holding, possessing, or residing in or on something

• the legal process by which a landlord may legally remove a tenant from their rental property

Foreclosure

• A person who enters into a lease and pays rent to occupy a space in an apartment or rental unit owned by another entity or person

• retake possession of something when a buyer defaults on payments

• the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.

Security Deposit

• money that belongs to the tenant but held by the landlord for protection against damages

• a service (such as light, power, or water) provided by a public utility

• the fact or condition of holding, possessing, or residing in or on something

Renewal Period

• the fact or condition of holding, possessing, or residing in or on something

• the legal process by which a landlord may legally remove a tenant from their rental property

• The period near the end of your lease when you will be given the opportunity to renew, change or cancel your lease

When signing a rental agreement the ______ promises to pay monthly to live in the home.

• Eviction

• Tenant

• Utilities

The lease includes water and sewer, the tenant is responsible for the rest of the _______.

• Occupancy

• Tenant

• Utilities

The building includes 2 apartments each with double ______.

• Tenant

• Occupancy

• Eviction

The ______ is $1000 and will be refunded when you move out if there are no damages to the home.

• Security Deposit

• Forclosure

• Eviction

The landlord went to court to start the ______ process when the family failed to pay the rent.

• Foreclosure

• Repossess

• Eviction