Canadian Financial, Real Estate and Mortgage Glossary

Words categorized under Real-estate

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open listingDefinition (Real-estate)
A property that a number of brokers can market and sell for a commission.
owner financing (O/F, OF, OWN)Definition (Real-estate)
A transaction in which the seller lends all or part of the money to the buyer.
owner occupantDefinition (Investments, Mortgages, Real-estate, Financial-banking)
A borrower who resides in the property used as security for the loan.
platDefinition (Real-estate)
A map that shows a parcel of land and how it is subdivided into individual lots. Plat maps also show the locations of streets and easements.
possessionDefinition (Real-estate, Financial-banking)
Something that is owned.
pre-paid expensesDefinition (Mortgages, Real-estate, Taxation, Insurance, Financial-banking)
also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
pre-sold homeDefinition (Real-estate)
A house that is sold prior to construction as opposed to a house built on spec.
principle of conformityDefinition (Real-estate)
The notion that a house will fetch a fair price if it is situated among houses of similar size, style and condition.
principle of progressionDefinition (Real-estate)
The notion that a smaller house's value will be enhanced if it is near larger, fancier houses.
principle of regressionDefinition (Real-estate)
The notion that the value of a larger or fancier house will be reduced if it is near smaller, lower-priced houses.
probate saleDefinition (Estate-management, Real-estate, Financial-banking, Legal-contracts)
Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
production homeDefinition (Real-estate)
Homes that are mass produced as part of housing developments.
property reportDefinition (Real-estate, Legal-contracts)
A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
property taxDefinition (Mortgages, Real-estate, Taxation)
A levy by a city on real estate and personal property whose amount varies depending on the property's value.
property valueDefinition (Real-estate, Financial-banking)
The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
proprietorDefinition (Real-estate, Financial-banking, Legal-contracts)
The owner of a business or property.
province of domicileDefinition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
The province where an individual lives or intends to live permanently or for a long term, regardless of the individual's current location.
purchase agreementDefinition (Real-estate, Financial-banking)
A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
purchase optionDefinition (Automotive, Real-estate, Financial-banking)
An agreement where a portion of monthly rent can be credited toward the purchase of a property.
purchase priceDefinition (Real-estate)
The total selling price of the home, including the cash down payment and the principal on the loan.
real estate (RE)Definition (Real-estate, Financial-banking)
A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
real estate agentDefinition (Real-estate)
A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it.
real estate attorneyDefinition (Mortgages, Real-estate, Taxation, Legal-contracts)
A lawyer who specializes in the transfer of land and buildings and property tax issues.
real estate brokerDefinition (Real-estate)
An individual who is licensed to represent a buyer or a seller of real estate and collects commissions for the work. Most brokers have agents working for them and they collect a portion of those commissions in exchange for providing office space, marketing, and other overhead.
real propertyDefinition (Real-estate)
Permanent, non-movable property, such as land and buildings.
realtorDefinition (Real-estate)
A real estate broker or an associate holding active membership in a real estate board.
relictionDefinition (Real-estate)
An increase in the amount of land that occurs when a river or sea permanently withdraws.
rentDefinition (Mortgages, Real-estate, Financial-banking)
When one party pays another for the use of an asset, service or property.
rent loss insuranceDefinition (Real-estate, Insurance)
Hazard insurance that pays for a loss in rental value or rental income if damage causes the property to become unfit for habitation.
rent-to-own (RTO)Definition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
An agreement to purchase an asset after a series of rental payments.
rental agreement (RA)Definition (Real-estate, Financial-banking, Legal-contracts)
A document that states the terms and conditions for tenancy of a dwelling.
rental property (RP)Definition (Investments, Mortgages, Real-estate, Financial-banking)
Property that is occupied by rent-paying tenants and not the owner.
replacement reserve fundDefinition (Real-estate)
Money that is set aside by a homeowners association or condominium board to replace common property, such as playground equipment.
resale valueDefinition (Real-estate)
The sales price that would be negotiated by a willing seller and buyer for an existing home or property.
reserve fundDefinition (Real-estate)
Money that a homeowners or condominium association sets aside for major repairs and capital improvements.
right of first refusalDefinition (Real-estate, Financial-banking, Legal-contracts)
An agreement by an owner to give another party an opportunity to buy the property before it is offered to anyone else.
roll inDefinition (Mortgages, Real-estate)
To include certain closing costs, such as origination and settlement fees, in the mortgage.
sale priceDefinition (Real-estate, Financial-banking)
The price that is paid for an asset.
sale-leasebackDefinition (Real-estate)
A transaction in which the seller transfers the title to the buyer, then rents the property from the new owner. Generally not done in Canada, more an American practice.
sales contractDefinition (Real-estate, Legal-contracts)
A legal written document that details the agreed upon conditions between a seller and a buyer regarding the sale of a specific property. Also called an "Agreement of Sale."
sales taxDefinition (Real-estate, Taxation, Financial-banking)
Federal and / or provincial taxes that are applied to purchases.
schematic designsDefinition (Real-estate)
Structural plans for a building's mechanical systems, such as its plumbing and electrical functions.
second homeDefinition (Investments, Mortgages, Real-estate)
An additionally purchased property, often a vacation or a rental property.
second home mortgageDefinition (Investments, Mortgages, Real-estate)
A mortgage used purchase property, often a vacation or a rental property.
securityDefinition (Investments, Real-estate, Financial-banking)
A tradable financial implement that represents ownership, the rights to ownership or debt.
self-build insuranceDefinition (Mortgages, Real-estate, Insurance)
Insurance that covers a homeowner for problems involved in a construction project.
seller brokerDefinition (Real-estate)
One who earns a commission from the seller of a property in exchange for finding a buyer and assisting in negotiation.
seller's marketDefinition (Real-estate, Financial-banking)
Due to either low supply or high demand, the seller can expect to sell quickly with a high sale price.
semi-custom homeDefinition (Real-estate)
A house in which the buyer cannot alter the layout, but can specify amenities such as type of cabinets and floor coverings.
single-family detached homeDefinition (Real-estate)
A house that one family lives in and is not attached to another house (like a duplex).
Previous Page
Land Titles SystemOpen House
Currently Displayed — Page 7
Open Listing — Single-Family Detached Home
  Next Page
Speculation BuilderZoning

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

Notable Terms

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