- There are housing terms that you should know as a Hispanic.
- If you live in the US, there is a new real estate world.
- This guide will help you learn the most used terms.
If you are Hispanic and you live in the United States, a complex world of real estate opens up before you, not only when purchasing and selling real estate, or when renting a home, but also when it comes to the legal and common terms that are used daily in this market.
That is why below we present you a guide with the most used terms in the housing market and their meaning. Don’t forget to consult them if you are about to rent or buy a house, so that you know what they are talking about.
The terms to know
READ / LEASE: Each tenant signs a lease that designates your rights and responsibilities as a tenant.
BOI: It stands for “Based On Income”, and in most BOI cases the rent will be 30% of your monthly income.
Other names on the market
AFFORDABLE HOUSING / AFFORDABLE HOUSING: It is the dwelling where the resident pays 30% or less of their income for the cost of their dwelling, including utilities.
PUBLIC HOUSING / PUBLIC HOUSING: Is low-income housing owned and operated by a Public Housing Authority; And to live in public housing you must pass a background check.
You must also know
PUBLIC HOUSING AUTHORITY / PUBLIC HOUSING AUTHORITY: It is a public agency created by the government to manage low-income housing.
TRANSITIONAL HOUSING / TRANSITIONAL HOUSING: Helps people move from homelessness to greater independence. Typically, residents pay a reduced rate for rent or may be based on income, and will also receive support services. Transitional housing can be short-term with stays of 60-90 days or long-term with residency programs for up to 2 years.
Landlord / Owner: Local housing authority (HA) / Local housing authority. Rent: The tenant can choose to base the rent on income and family size. The family may receive deductions based on childcare and medical expenses, and the number of children, disabled, and elderly in the family.
Rights and duties of the tenant in the contract: Established by federal law, you have more rights in public housing!