Tips and Tools For Financial Success - Newton Free Library

Housing Terms and Definitions
Application - a form or document used for a specific purpose such as a lease or a job
The landlord told him that his rental application had to be approved before he could sign the lease.
Condominium - a type of housing where the purchaser owns a unit and shares common areas
They decided to purchase a condominium because it gave them use of a clubhouse with a gym and
pool.
Duplex - a type of housing where two units share a common wall or an apartment on two
levels connected by a staircase
The young couple wanted to live in a duplex with their in-laws.
Fair Housing Act – a set of laws that prohibit discrimination in the sale or rental of homes
The landlord did not want to rent the apartment to the interracial couple, but could not discriminate
because of the Fair Housing Act.
Furnished - provided with necessary items such as furniture or appliances
Since he was relocating to another country he chose to rent a furnished apartment.
Landlord - a property owner who rents buildings or land
The landlord collected the rent on the first day of the month.
Lease – a contractual agreement to occupy property for a time period in exchange for rent
She signed a lease for two years that began in September.
Rent - payment made by a tenant for the use of a building such as an apartment
She had to find another place to live because she couldn’t afford the rent increase.
Security Deposit - money paid by a tenant in advance that is kept by a landlord for
protection against damages to the property
The tenants did not get their security deposit back because they damaged the carpeting.
Sublet - to rent leased property to another person, also known as sublease or subcontract
They sublet their apartment in July and August when they went on vacation.
Tenant - a person who pays rent and occupies a building
The tenant was evicted for failure to pay rent.
Townhouse - a two or three story home that shares a common sidewall and is often found in cities
The townhouse they lived in was in a beautiful neighborhood near the park.
Utilities - services such as water, electricity, gas, heat, etc.
The rent for the apartment included all utilities except telephone service.
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