When you rent or buy a home, knowing the right words can make everything easier. This vocabulary covers important terms used in leases, sales, and daily life in a home.
Contents
A1: Renting
Key words for when you rent a place to live.
A2: Buying a Home
Important terms for purchasing a house or apartment.
B1: Contracts and Agreements
Words you’ll find in rental and purchase contracts.
B2: Maintenance and Utilities
Vocabulary for keeping a home running and paying bills.
C1: Real Estate and Property
Advanced terms related to property and the housing market.
C2: Insurance and Legal Terms
Specialized words for home insurance and legal matters.
A1: Renting
- Tenant: A person who rents and lives in a property.
- Landlord: The owner of a property who rents it out.
- Rent: The money paid regularly to live in a property.
- Lease: A written agreement for renting a property for a set time.
- Security deposit: Money paid upfront to cover damages; returned if all is well.
The tenant pays the rent.
It covers potential damages.
Tenants typically pay rent and keep the property clean.
A lease agreement includes rent amount, lease duration, and tenant rules.
A2: Buying a Home
- Mortgage: A loan to buy a home, paid back over time with interest.
- Down payment: The initial cash payment made when buying a home.
- Real estate agent: A person who helps buy or sell property.
- Appraisal: A professional assessment of a property’s value.
- Title: Legal ownership of a property.
A mortgage is a home loan.
Real estate agents help buy and sell homes.
It's an initial payment when buying a home.
Title, purchase agreement, and mortgage documents are important.
B1: Contracts and Agreements
- Lease agreement: A contract outlining rental terms and conditions.
- Closing: The final step in a home purchase, when ownership is transferred.
- Covenants: Rules or restrictions in a property agreement.
- Breach of contract: When one party doesn’t follow the agreed terms.
- Renewal: Extending the rental or lease agreement for another term.
A lease agreement is a rental contract.
At closing, ownership is transferred and final paperwork is signed.
It means not following the agreement.
Covenants might include restrictions on property use and maintenance responsibilities.
B2: Maintenance and Utilities
- Utilities: Services like water, electricity, gas, and internet.
- Maintenance: Upkeep and repairs needed to keep a home in good condition.
- Furnishings: Furniture and other items supplied in a home.
- Appliance: A device such as a refrigerator, oven, or washer.
- Notice period: Time required to inform before leaving a rental.
Utilities are essential services like water and electricity.
Fixing leaks and painting walls are maintenance tasks.
It's the time required to inform before moving out.
Landlords usually maintain major systems like heating and the roof.
C1: Real Estate and Property
- Equity: The value of ownership in a property (market value minus mortgage).
- Appreciation: An increase in property value over time.
- Foreclosure: When a lender takes back a property due to unpaid mortgage.
- Escrow: A neutral account where money is held until all sale conditions are met.
- Zoning: Laws that control how property can be used in different areas.
Equity is the owner's share of the property's value.
Escrow is used in home purchases and sometimes for rent deposits.
Zoning regulates how property can be used.
Missed payments and lender notices are signs of foreclosure.
C2: Insurance and Legal Terms
- Homeowner’s insurance: Coverage for damage or loss to a home and belongings.
- Indemnity: Compensation for loss or damage covered by insurance.
- Arbitration: A method of resolving disputes outside of court.
- Easement: A legal right for someone to use part of another’s property.
- Amendment: A change or addition to an existing contract.
It covers damage to home and belongings.
Arbitration, mediation, and court trials are legal dispute methods.
An easement is a right to use part of someone else's property.
An amendment might include a new pet policy or rent adjustment.
Conclusion
Whether you're renting your first apartment or buying a house, understanding these key terms helps you make smart decisions and avoid surprises.
- Renting involves agreements, deposits, and responsibilities between tenants and landlords.
- Buying a home includes mortgages, agents, contracts, and legal ownership.
- Maintenance, utilities, and insurance are important for long-term living in any home.