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In accounting, a down payment (also called a deposit in British English) is an initial up-front partial payment for the purchase of expensive goods or services such as a car or a house. It is usually paid in cash or equivalent at the time of finalizing the transaction .
Often, the contract is structured in two parts, one representing the lease term and the other a contract of sale. As is usually stated in the lease purchase contract, the option fee and accrued rent credit are both non-refundable should the tenant/buyer decide to walk at the end of the lease.
A security deposit is a sum of money held in trust. [ 1 ] In leasing, security deposits, also known as "rent deposits", [ 2 ] are required most often by lessors of automobiles , residential property, and commercial real estate .
Most renters expect a refund on their security deposit when they move out of their apartment (save for those who have completely trashed the place). But a hefty percentage of renters aren't ...
One checking account mistake you may be making is simply keeping a higher balance than you need. “It might seem like a smart way to feel secure, but actually, it's a missed opportunity,” says ...
One way to extend the ladder even further is by rolling the money from a CD that has just matured into a new five-year CD. ... If you plan to buy a house in three years, then a three-year term ...
Jeonse involves the tenant giving the landlord a large sum of "key money" when a lease is signed. The amount of money required depends on the economy and the location of the property. Usually, the amount required is 50% of the property's value but can be as high as 60-80%.
Buying your first home is an exciting venture, but it can also be complicated. Many first-time homeowners end up overlooking some important purchases that would have made their lives easier down ...