Canadian Financial, Real Estate and Mortgage Glossary

Words categorized under Real-estate

fixer-upper (fxr) — Definition (Real-estate, Abbreviation)

A house that needs a lot of work and which sells for a discount.

fixture — Definition (Real-estate)

Personal property that becomes real property when it is attached to a building. Examples include chandeliers, built-in bookcases and cabinets and drapery rods.

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

A fixed charge that a broker requests instead of a commission.

flex room — Definition (Real-estate)

A room within a home that can change usage to meet need.

flood plain (flpl) — Definition (Real-estate, Insurance, Abbreviation)

Land that is prone to inundation.

florida room — Definition (Real-estate)

An enclosed porch built on the back or side of a house, sometimes air-conditioned.

for sale by owner (FSBO) — Definition (Real-estate)

An arrangement by which a house's owner tries to sell the house without hiring a real-estate agent. Owners do this to avoid paying a commission.

  ➥  Can save the seller money by forgoing realtor fees.

full market value — Definition (Real-estate, Taxation)

In reference to property taxes, usually refers to the tax rate applied to 100 percent of the property's value. Also full cash value.

full-bath (fb, fbh, full ba) — Definition (Real-estate, Abbreviation)

A bathroom with a toilet, sink/sinks, bathtub and shower.

general contractor — Definition (Real-estate)

The person or company that performs work on a construction project, hires subcontractors and suppliers, or both.

goods and services tax (GS, GST) — Canada

A sales tax that applies in all Canadian provinces charged at 5% (as of 2012).

  ➥  Bank account transaction code.

gross living area (GLA) — Definition (Real-estate)

The gross above ground, finished living area in a property.

  ➥  Above ground total floor area of a home excluding porches and balconies.

ground rent — Definition (Real-estate)

Amount a leaseholder pays periodically for use of land only.

guarantor — Definition (Mortgages, Real-estate, Legal-contracts)

Someone who guarantees something.

half-bath (hbh, ½ ba, ½ bath, ½ bth) — Definition (Real-estate, Abbreviation)

A room that contains a toilet and sink, but no tub or shower.

harmonized sales tax (HST) — Canada

A sales tax used in some provinces to merge the GST and PST.

  ➥  Canadian consumption tax.

hectare — Definition (Real-estate)

An area equal to 100 meters by 100 meters

heritage conservation — Definition (Real-estate)

Protecting historical and culturally important buildings, structures or environments like a park or garden.

historic preservation (HP) — Definition (Real-estate)

A movement to protect buildings with historic value from destruction or extensive renovation.

historic structure — Definition (Real-estate)

Important structure significant to history

holdback — Definition (Mortgages, Real-estate)

A dollar amount that is withheld by the lender during construction of a home to ensure construction is satisfactory at every stage. The amount of hold-back is typically equivalent to the estimated cost to complete the construction.

Home Buyers' Plan (HBP) — Canada

A way for a homebuyer to use part of his or her RRSP as a down payment on a mortgage.

  ➥  Government assistance for first-time homebuyers.

home inspection — Definition (Real-estate)

A thorough examination of a house's visible structural parts and systems, conducted before purchase.

home inspector — Definition (Mortgages, Real-estate)

A person who has a broad general knowledge relating to basic home construction, common household problems and methods for their correction.

home office (HO) — Definition (Real-estate, Taxation)

A part of your home or other structure on your property for which you qualify to take a deduction for its business use.

  ➥  Many mortgage and insurance brokers do work from home and utilize a home office.

home owners warranty (HOW) — Definition (Real-estate, Legal-contracts)

A policy that guarantees workmanship on construction of a home and functionality of some appliances, and which pays for repairs for a specified period.

home warranty — Definition (Real-estate)

A policy that guarantees workmanship on construction of a home and functionality of some appliances, and which pays for repairs for a specified period.

homeowners insurance — Definition (Real-estate, Insurance)

A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.

homeowners insurance binder — Definition (Real-estate, Insurance, Legal-contracts)

A document accompanying a homeowner's insurance policy that verifies the property is properly insured.

Homeowners' Association (HOA) — Company

An elected group that governs a subdivision or planned community. It collects fees from owners to maintain common areas and enforce covenants, conditions and restrictions set by the developer and the association itself.

housing discrimination — Definition (Real-estate, Legal-contracts)

The illegal practice of discriminating against buyers or renters of dwellings on the basis of race, colour, religion, national origin, sex, family status or disability.

illegal view — Definition (Real-estate)

The existence of any exterior openings in a building which creates an illegal view of adjoining lands.

income approach — Definition (Investments, Mortgages, Real-estate, Taxation, Financial-banking)

A step in the valuation process of an income property. The value is reached by estimating the annual income minus an allowance for vacancies and bad debts and then subtracting annual operating expenses, real estate taxes, and insurance premiums to obtain the net operating income. This is then converted by capitalization into a capital value.

income property — Definition (Investments, Real-estate, Financial-banking)

Real estate developed or improved to produce income. Also referred to as "non-owner occupied property" or "rental property."

index — Definition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)

A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes.

infrastructure — Definition (Real-estate, Taxation)

Basic installations that a community needs, such as schools, roads, water and electrical lines, power plants and communications systems.

inspection — Definition (Real-estate)

A critically and carefully performed examination.

inspection report — Definition (Real-estate, Legal-contracts)

The documentation of a thorough examination of a house's visible structural parts and systems, conducted before purchase.

insurable title — Definition (Real-estate, Insurance)

A title that can be insured.

International Organization for Standardization (ISO) — Company Est.1946, Geneva, Switzerland

An international organization created to promote standardization around the world.

investment property — Definition (Investments, Mortgages, Real-estate, Financial-banking)

Property bought with the hope of it making money.

jack and jill bathroom — Definition (Real-estate)

A bathroom shared by two bedrooms.

joint tenancy — Definition (Real-estate, Financial-banking)

When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.

joint venture — Definition (Real-estate, Financial-banking)

A partnership between two or more parties for the purpose of purchasing, owning, and/or developing real estate for a specific purpose and duration.

jointly-owned property — Definition (Real-estate, Financial-banking)

A property held in the name of more than one person.

key lot — Definition (Real-estate)

A lot of which ownership is essential in acquiring a piece of land for development, either because of its strategic location or the timing of the acquisition.

land — Definition (Real-estate)

The solid ground of the earth. This can include everything under it and over it. For example, Condominium Acts do divide land horizontally thereby limiting the vertical ownership.

land contract (LC) — Definition (Real-estate, Legal-contracts)

An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made.

land lot — Definition (Real-estate)

A piece of land owned by an individual or entity.

land title — Definition (Real-estate, Legal-contracts)

The legal document conveying title to a property.