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Thu 31 Jan, 2008 08:17 pm
The following is a translation:
He told me that this community is especially meant for the retired old people who have no houses of their own to live in: the monthly rental is about $600, cheaper by almost half than those rented by other people elsewhere. But before moving in, an amount of $90,000 must be paid at the time of signing, to be used chiefly for maintenance of the building, and 95% of this amount shall be refunded at the time of quitting.
So, my question is what is the term in American English for the sum of 90000 US dollars paid before being allowed to live in? Down payment? Or?
I'm tempted to call it "Earnest Money" though that normally applies to money accompanying an offer to buy a house or other property.
I would be okay with either prepayment or deposit, but it's a given that 95% is refundable at time of quitting.
I've never heard of such a situation, by the way, but that is a completely different topic.
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