Transcript
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The speaker introduces the topic of real estate vocabulary and explains the basic differences between renting, leasing, and subleasing. He also defines key terms like deposit and contract.
hi welcome to inkvid.com i'm adam in today's video i want to give you a bit of an introduction into the world of real estate okay now i'm not going to get too technical with real estate terms but whati am going to talk about are the differences between renting property and buying property okay now this is especially useful for people who are considering emigrating to an english-speaking country and you're not sure you know what are youroptions what you want to do or even if you're already in an english-speaking country and you want to move out of your door move out of your family your uncle's basement etc you have to understand the words you'regoing to come across when you're making your decision okay so we're going to look at renting or leasing a place and we're going to look at buying a place a property so let's start with renting you have two
options when you want to get a place that without buying it you can rent rent means you're paying month to month and you can leave whenever you want lease means you're signing a contract for a specific amount oftime usually one year maybe two years at the end of the lease you can either become a renter or you can sign a new lease for another set term at a set fixed price of monthly payments now ifyou already rent a place or you're already leasing a place and maybe you want to go away for a long vacation or you want to go somewhere for a year to work or study but you want to keepyour apartment or your condominium or your house you can sublease or sublet they essentially mean the same thing means that you rent or you lease your apartment to someone else so that person will pay you and you will
This section covers how deposits work, what happens when contracts are broken, and the meanings of breach, litigation, eviction, and vacating. It also explains vacancy and the role of a tenant.
pay the original owner or whatever the situation is and continue that way now when you rent a place generally you have to give a deposit this is a certain amount of money that you give the landlord or yougive the owner to make sure that you always make your payments if you miss a payment they will take it from your deposit if you cause any damage to the property they will take that money from your depositif you leave at the end of your term if you're at the end of the rental and you've paid all your bills and you haven't damaged the house you get that money back that deposit back usually with interestnow in many places the deposit is essentially first and last so you're paying your first month's rent and your last month's rent if you miss a payment along the way they take that last month as the payment and
then you owe them again for the last the final month of your stay now when you generally speaking when you get assigned a lease you're signing a contract in many places they also make you sign a contract fora rent just for their protection for your protection a contract is a written paper agreement between you and the owner of the property with certain rules for both sides again it's for everybody's protection now if you break thecontract if you break any of the rules if you leave before the time expires or if you do some damage or if you break some if you don't follow the rules then you are in breach of contract andthis is a very big deal because then the owner of the property will will proceed with or will begin litigation litigation basically means legal action they will take you to court they will take a lot of money from
you for the money you owe them plus the time they're spending plus the lawyers they're hiring it can be very expensive for you if you reach the contract because then you are a liability you are something that iscosting money you are a risk so you don't want to do that now if you do break the rules or if you do breach the contract the owner can evict you to evict means to kick out they canmake you leave the property and where you go not their problem so make sure you follow the rules make sure you make your you pay your monthly bills otherwise some of them if they don't evict you means it'skick you out they might ask you to vacate they will say okay your lease is ending next month we don't want to sign a new lease with you please vacate the property by the end of next month just
leave evict means they're kicking you out there's probably going to be some litigation vacate they're just telling you that at this time you have to leave and that's all there is to it now when you're looking for anapartment or a condominium you have to look for buildings that have vacancy means somebody vacated there is an empty unit and you can move in if you go to a building and you see a sign that says novacancy that means they don't have any empty units they don't have any suites for you you have to look somewhere else okay now when you are renting or leasing you are a tenant you are living there you are
The speaker shifts to owning property, explaining down payments, mortgages, principal, interest, and early termination penalties. He also introduces property tax, occupancy, and occupant terminology.
paying monthly bills and you are a tenant you have no ownership rights basically now when it comes okay i'll get to that in a second let's go to the owning a property now if you have enough money andyou can pay the full amount you just buy the place generally speaking most people don't do this it doesn't actually make sense to it's better to put down a certain amount of down payment 20 30 percent however muchand then pay off the property over a period of time okay when you when that happens you get a loan from the bank which is called a mortgage no t sound more gauge and the g a g soundslike g i j sound mortgage now when you get a mortgage you pay the bank every month and you're paying two parts of this loan you're paying the principal which is the amount that you actually borrowed so if
you borrowed let's say half a million dollars every month you're paying a certain amount let's say two thousand dollars maybe one thousand is the principal that goes to the half million that you borrowed and one thousand is interestwhich is basically the profit for the bank that you will never get back but hopefully the value of your property goes up and you get that money back anyway now if you end your mortgage early that's called anearly termination okay you can also say early termination for a lease but then it's already a breach of contract when you when you end a mortgage agreement early the bank will say yeah no problem it's your house youcan do whatever you want but you will pay a penalty
you will have to give the bank some money because they're losing money because of you because they went through all the paperwork they did all the stuff they need to get paid if you leave the mortgage early ifyou own property you pay property tax okay if you're renting you don't pay property tax the owners do again make sure that wherever you live you find out the rules because it may be different i know that insome places renters pay the property tax not the owners so make sure you find out in canada for example owners pay the property tax renters don't now occupancy basically this is the day that you're allowed to move intoyour place if you bought a place that's brand new they have to maybe finish doing some building and then you can occupy the house or the apartment on a particular day and then you are the occupant
This chapter explains the difference between estate and real estate, plus residential and commercial property. It finishes with roles like landlord, superintendent, property manager, and real estate agents, then closes with a recap and call to action.
when you own a place you're the occupant when you're renting you're a tenant so a little bit different terminology now a lot of people get confused between real estate and estate your estate means everything that you own yourhouse your car your computer your furniture your jewelry all of this is your estate the real part
the real part is just property house apartment condominium etc now there are different types of real estate there's residential that's where people live that's where they reside okay and that's right there to reside means to live in aplace and commercial stores factories industrial situations these are all commercial real estate now when you're renting a place then you generally have a landlord it could be the owner or it could be just someone that the owner hiredto run the place a lot of buildings if you're living in a condominium or an apartment will have a superintendent now generally an apartment will have a superintendent in a condominium it's the same thing but they call ita property manager okay when you own the place if you own a house you are the property manager if you own the condominium you still have a property manager who takes care of all the common areas
the common areas are the hallways the elevators the lobby the gym the whatever features the building has okay and a superintendent is the person who cleans up the apartment make sure everything's working properly if the if the elevatorbreaks the superintendent will call the technician to fix it um etc okay now when you're going to look for an apartment you can go by yourself to a building and find out if they have any units or youcan go through an agent a real estate agent or a real estate broker a broker usually buying and selling an agent is buying selling and renting they'll find you a place and they'll find tenants for the owners brokersand agents work on commission so they take a percentage of the of the deal if you buy a house the agent will take the real estate agent will take three four five percent of the total cost so that
could be a big chunk of money agents and brokers for renting they'll take a certain fee okay so they'll work on and you'll have to find out what that is with different agencies okay so again basic introduction thiswill help you make some decisions and when you go talk to agents and when you go talk to landlords you'll know hopefully what they're talking about because you've learned this vocabulary if you have any questions about any ofthis please go to inkvid.com and ask me in the comments section there's also a quiz to make sure you can review and test your understanding of these words and that's it if you like the video please give mea thumbs up and a like don't forget to subscribe to my youtube channel and come back for more helpful vocab to let you get ready for your new life in an english-speaking country okay until next time bye