Presentation on theme: "UNIT 7: CONSUMER SKILLS Section 4: Buying a House."— Presentation transcript:
UNIT 7: CONSUMER SKILLS Section 4: Buying a House
I CAN Apply the following to buying/renting a house: Deed Equity Escrow/Earnest Money Landlord Lease Security deposit Tenant
Things Renter’s Should Know Tenant/Landlord: a tenant rents the land/space/home from a landlord, who own the property Renters pay a monthly amount, but also usually Security Deposit, which ensures they won’t cause damage A Lease is the contract the tenant and landlord sign laying out the conditions of rental: how much $, when is $ due, late fees, damages, pets, rules, responsibilities, etc Guest vs. Tenant: The LAW says you can kick a guest out any time, but if a person is paying rent, they are a tenant. They MUST be given 30 days notice to vacate the property.
Things Homeowner’s Should Know Deed: This is similar to a car title. It proves you are the owner and is necessary to complete a sale Equity: value of your house AFTER debts. If my house is valued (appraised) at $200,000, but I still owe $150,000, my equity is $50,000 Escrow/Earnest Money: Usually, people choose to have an escrow account that they pay with their mortgage payment, rather than paying each item individually. This usually includes homeowners insurance, property taxes, etc
CAN I? Apply the following to buying/renting a house: Deed Equity Escrow/Earnest Money Landlord Lease Security deposit Tenant I can prove this buy completing the “locating a home” portion of the performance packet. (The scoring Rubric can be found in the back of the performance packet)