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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
Words categorized under Real-estate
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- 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.
Previous Page Circuit Breaker — Credit Repository |
Currently Displayed — Page 4 Cul-De-Sac — Fixed Time |
Next Page Fixer-upper — Land Title |
Search the Glossary
Index of Real-estate Terms
Page 1: | Abandonment — |
Bargain Sale | |
Page 2: | Bedroom Community — |
Change Order | |
Page 3: | Circuit Breaker — |
Credit Repository | |
Page 4: | Cul-De-Sac — |
Fixed Time | |
Page 5: | Fixer-upper — |
Land Title | |
Page 6: | Land Titles System — |
Open House | |
Page 7: | Open Listing — |
Single-Family Detached Home | |
Page 8: | Speculation Builder — |
Zoning |
Notable Terms
- Fair Market Value
- Days on Market
- Deed
- Estate
- Escrow Agent
- Eviction
- Domicile
- Distress
- Distressed Property
- Escrow
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