Independent Living Vocab

This is the person who owns a rental property

• Tenant

• Landlord

• Co-Signer

• Co-Op

This is the person who rents/lives in a property they do not own

• Tenant

• Landlord

• Co-Signer

• Co-Op

This is the money you pay to a landlord, each month, to live in their property

• Lease

• HOA Fee

• Security Deposit

• Rent

This is money you pay up front to cover any potential damages; this money is returned if there are no damages or lease violations

• Lease

• HOA Fee

• Security Deposit

• Rent

This is the contract you sign with a landlord that establishes the rent and rules for living in a rented property

• Lease

• HOA Fee

• Security Deposit

• Tenant

Renter's insurance is insurance that...

• Covers any repairs needed on a home that is rented by someone

• Covers the loss of any property owned by a renter

• Covers the loss of rent if a tenant decides to move out

This is a house for two families/individuals; usually one family/individual lives on each side

• Single Family Home

• Apartment

• Condo (Condominum)

• Duplex

This is a residential building or group of buildings where each unit is individually owned, but common areas and amenities are jointly owned and managed by the homeowners association

• Single Family Home

• Apartment

• Condo (Condominum)

• Duplex

This is a free-standing residence designed for one resident

• Single Family Home

• Multi Family Home

• Condo

• Apartment

A lease is a(an)

• court document

• form developed by the local government

• legally binding agreement between a tenant and a landlord

• agreement o purchase a home