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An agreement where payment is made for the temporary use of a good, service or property.


A contract between a tenant and landlord that gives a tenant the right to live in a property for a fixed period of time, typically covering a 6- or 12- month rental period. This contract binds the tenant and landlord to a lease.


A mortage loan is a written agreement that gives a lender the right to take your home if you don't repay the money they lend you at the terms you agreed on. Your mortgage payment is paid over a set number of years based on how much you borrow and the interest rate you're approved for.


A form of borrowing in which shares or bonds are sold with an agreement to repurchase them at a later  date.


Short Sale

An offer of property at an asking price that is less than the amount due on the current owner's mortgage. 

White Wooden House


A legal process that occurs before a property is repossessed by the lender. If a homeowner is late on a certian number of payments, the lender may issue a notice of default sending the home into pre-foreclosure.


A legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. 

Suburb Houses

Rental Property

Renting, also known as hiring or letting, is an agreement where a payment is made for the use of a good, service or property owned by another over a fixed period of time. To maintain such an agreement, a rental agreement is signed to establish the roles and expectations of both the tenant and landlord.

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