Canadian Financial, Real Estate and Mortgage Glossary

Words categorized under Real-estate

cul-de-sac (Cldsc, Culd) — Definition (Real-estate, Abbreviation)

A dead-end street, often with a broad circle at the end.

curable defect — Definition (Real-estate)

A problem with a property that can be remedied. Peeling paint is a curable defect, but location in a crime-ridden neighbourhood is not.

curb appeal — Definition (Real-estate)

The look of a house when viewed from the street.

current market value (CMV) — Definition (Mortgages, Real-estate, Insurance, Financial-banking)

The estimated price determined by the recent sale of similar properties.

curtain wall — Definition (Real-estate)

A non-lead bearing exterior wall.

custom builder — Definition (Real-estate)

A contractor that constructs or remodels houses based on plans submitted by the client.

custom home — Definition (Real-estate)

A house built according to plans from an architect hired by the owner.

days on market (DOM) — Definition (Real-estate)

The period between listing and sale, or listing and a property being taken off the market.

deed (D) — Definition (Real-estate)

A document that provides title to property and is filed with a country recorder.

  ➥  Used to transfer ownership of assets, often land or automobiles.

den — Definition (Real-estate)

An additional small room within a home often used as an office.

deposit — Definition (Mortgages, Real-estate, Financial-banking)

An act of putting a sum of money in to a bank account.

depreciation — Definition (Investments, Real-estate, Insurance, Financial-banking)

The gradual loss of value of a building or other property because of age or natural wear.

depression — Definition (Investments, Real-estate, Financial-banking)

A prolonged downturn in the economy and level of business activity.

detached (det, detd) — Definition (Real-estate, Abbreviation)

Something that is not affixed to a property.

  ➥  As in detached garage.

detached structure — Definition (Real-estate)

A building that is not attached to another building.

developer — Definition (Real-estate)

To develop or create something.

dimension plans — Definition (Real-estate)

Diagrams that show location of building outlines and other improvements on a lot, but which are not as detailed as blueprints.

disclosure — Definition (Mortgages, Real-estate, Financial-banking, Legal-contracts)

A statement listing potential defects to a property, such as the possible existence of lead paint or radon.

distress — Definition (Mortgages, Real-estate, Financial-banking)

The right of one party to sell real or personal property belonging to another party to pay unpaid or overdue debt.

distressed property — Definition (Real-estate, Financial-banking)

Property that is in poor condition, or whose owner is in poor financial condition.

domicile — Definition (Real-estate, Legal-contracts)

A person's permanent residence.

draw mortgage (DM) — Definition (Mortgages, Real-estate)

A periodic payment made to a construction contractor or subcontractor as work progresses. A draw is part of a construction mortgage.

  ➥  See Progress Advance Mortgage (PAM).

dry rot — Definition (Real-estate)

A fungal decay that causes lumber to crumble.

drywall — Definition (Real-estate)

Panels of gypsum plaster wrapped in thin cardboard and attached to the house framing to create interior walls.

dual agency — Definition (Real-estate)

When a real-estate agent or broker represents both parties in a transaction.

dual agent — Definition (Real-estate)

A real estate agent who acts for both parties in a property sale.

duplex (dup) — Definition (Real-estate)

One building that contains two housing units.

  ➥  A two-unit complex.

early occupancy — Definition (Real-estate)

A condition in which the seller allows the buyer to move in before the sale is closed.

earnest money deposit (EMD) — Definition (Real-estate)

Money given by a buyer when making a formal offer to demonstrate that the buyer is serious. Also called a deposit.

  ➥  A down payment.

easement — Definition (Real-estate, Legal-contracts)

Giving persons other than the owner access to or over a property.

effective age — Definition (Real-estate, Insurance, Financial-banking)

An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.

empty nesters — Definition (Estate-management, Real-estate)

Men or women whose children have grown up and moved out and who might be in the market for a smaller house.

en suite — Definition (Real-estate)

An en suite is a bathroom that is entered directly from ones.

encroachment — Definition (Real-estate, Legal-contracts)

An improvement, such as a fence, that illegally extends onto another property or impedes the neighbour's use of that property.

encumbrance — Definition (Mortgages, Real-estate, Financial-banking, Legal-contracts)

Anything that affects or limits the clear and free title to a property, such as mortgages, leases, easements, or restrictions.

environmental impact statement (EIS) — Definition (Real-estate, Financial-banking, Legal-contracts)

A government-required evaluation of how construction will affect the environment surrounding a site.

escrow — Definition (Mortgages, Real-estate, Taxation, Financial-banking)

An account in which money for property taxes and insurance is held until paid. Money is added to the account every time a mortgage payment is made.

escrow agent — Definition (Mortgages, Real-estate, Financial-banking, Legal-contracts)

A neutral third party who holds the documents and money in a real-estate transfer until all conditions are met.

estate — Definition (Investments, Estate-management, Real-estate, Financial-banking, Legal-contracts)

The ownership interest of an individual in real property.

eviction — Definition (Real-estate, Legal-contracts)

The act of kicking someone out of a property, usually for violating terms of a lease.

examination of title — Definition (Real-estate, Legal-contracts)

A review of public records and title abstracts to determine the chain of ownership of a property.

exchange — Definition (Mortgages, Real-estate, Taxation, Financial-banking)

A trade of property for other property or services. Like-kind property exchanges are a popular tax-deferral strategy.

exclusive listing — Definition (Real-estate, Legal-contracts)

A legal agreement giving one real-estate agent the right to sell a property for a specified period, but owners retain the right to sell their property themselves without paying the agent commission.

expropriation — Definition (Real-estate)

The seizing of property to the government or other party for public use or economic development.

fair market value (FMV) — Definition (Real-estate)

The highest price that a buyer would pay for a property and the lowest price a seller is willing to accept.

fee simple — Definition (Real-estate, Legal-contracts)

Outright ownership of real estate, free of any liens or other claims against title.

fee simple defeasible — Definition (Real-estate, Legal-contracts)

When a person has outright ownership of real estate (free of any liens or other claims against title), but the use of the property is restricted.

field changes — Definition (Real-estate)

Modifications made to a building on-site.

finder fee — Definition (Investments, Mortgages, Real-estate, Insurance, Financial-banking)

A fee paid by a party to another for services rendered.

fixed time — Definition (Real-estate)

The time of year when the owner in a timeshare arrangement is scheduled to have occupancy.