If someone has a mortgage, they don't own the house yet so whats an accurate term for the status?
I know most people say 'own the house' but I want a correct word/term.
A word exists: It's indebted.
I know what you're trying to say. If you're still paying a mortgage, you own the house . . . contingent upon continuing to make the payments. That,
for the vast majority of people, is contingent upon keeping your job and a couple other things. It's not
quite the same thing as having made that last paying and being able to say that it's really and truly, 100% yours, yours, yours.
To be technically correct, you could say that you and the bank own the house together.
If someone has a car loan, they don't own the car?
What if I buy an iPad with my credit card. Do I not own the iPad until the credit card is paid off?
If you're making payments on anything, it's not fully "yours". If you're still paying for today's car, you're a bit like the person who's living paycheck-to-paycheck; that is, your payments are running concurrent with the items you're using. That's not a perfect analogy, but the point is that if you're making payments, the item isn't totally "yours" yet.
Making a payment with a credit card is a little more fuzzy. In that case, the store is paid for the merchandise, and you owe a debt to the VISA company. It's an unsecured debt tied to your good credit rather than the iPad itself. Assuming you pay it off when the bill arrives, small purchases don't "feel" like they're in the same category as houses and cars.
You never own your property. If you don't pay your property taxes "your" property is seized and sold by the government. If you try to build or do activities that are deemed inappropriate then your property is seized. You are able to use the property for a fee. For that privilege you pay a price as a purchase, but you never get out of paying the government and abiding by their rules.
Disagree. You can own the property outright, . . . but that doesn't mean you are free from maintenance costs (and taxes are a maintenance cost), and owning your property doesn't mean you're free to ignore the laws of the land.