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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
Words categorized under Real-estate
Previous Page Land Titles System — Open House |
Currently Displayed — Page 7 Open Listing — Single-Family Detached Home |
Next Page Speculation Builder — Zoning |
- open listing — Definition (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 occupant — Definition (Investments, Mortgages, Real-estate, Financial-banking)
- A borrower who resides in the property used as security for the loan.
- plat — Definition (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.
- possession — Definition (Real-estate, Financial-banking)
- Something that is owned.
- pre-paid expenses — Definition (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 home — Definition (Real-estate)
- A house that is sold prior to construction as opposed to a house built on spec.
- principle of conformity — Definition (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 progression — Definition (Real-estate)
- The notion that a smaller house's value will be enhanced if it is near larger, fancier houses.
- principle of regression — Definition (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 sale — Definition (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 home — Definition (Real-estate)
- Homes that are mass produced as part of housing developments.
- property report — Definition (Real-estate, Legal-contracts)
- A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
- property tax — Definition (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 value — Definition (Real-estate, Financial-banking)
- The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
- proprietor — Definition (Real-estate, Financial-banking, Legal-contracts)
- The owner of a business or property.
- province of domicile — Definition (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 agreement — Definition (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 option — Definition (Automotive, Real-estate, Financial-banking)
- An agreement where a portion of monthly rent can be credited toward the purchase of a property.
- purchase price — Definition (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 agent — Definition (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 attorney — Definition (Mortgages, Real-estate, Taxation, Legal-contracts)
- A lawyer who specializes in the transfer of land and buildings and property tax issues.
- real estate broker — Definition (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 property — Definition (Real-estate)
- Permanent, non-movable property, such as land and buildings.
- realtor — Definition (Real-estate)
- A real estate broker or an associate holding active membership in a real estate board.
- reliction — Definition (Real-estate)
- An increase in the amount of land that occurs when a river or sea permanently withdraws.
- rent — Definition (Mortgages, Real-estate, Financial-banking)
- When one party pays another for the use of an asset, service or property.
- rent loss insurance — Definition (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 fund — Definition (Real-estate)
- Money that is set aside by a homeowners association or condominium board to replace common property, such as playground equipment.
- resale value — Definition (Real-estate)
- The sales price that would be negotiated by a willing seller and buyer for an existing home or property.
- reserve fund — Definition (Real-estate)
- Money that a homeowners or condominium association sets aside for major repairs and capital improvements.
- right of first refusal — Definition (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 in — Definition (Mortgages, Real-estate)
- To include certain closing costs, such as origination and settlement fees, in the mortgage.
- sale price — Definition (Real-estate, Financial-banking)
- The price that is paid for an asset.
- sale-leaseback — Definition (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 contract — Definition (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 tax — Definition (Real-estate, Taxation, Financial-banking)
- Federal and / or provincial taxes that are applied to purchases.
- schematic designs — Definition (Real-estate)
- Structural plans for a building's mechanical systems, such as its plumbing and electrical functions.
- second home — Definition (Investments, Mortgages, Real-estate)
- An additionally purchased property, often a vacation or a rental property.
- second home mortgage — Definition (Investments, Mortgages, Real-estate)
- A mortgage used purchase property, often a vacation or a rental property.
- security — Definition (Investments, Real-estate, Financial-banking)
- A tradable financial implement that represents ownership, the rights to ownership or debt.
- self-build insurance — Definition (Mortgages, Real-estate, Insurance)
- Insurance that covers a homeowner for problems involved in a construction project.
- seller broker — Definition (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 market — Definition (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 home — Definition (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 home — Definition (Real-estate)
- A house that one family lives in and is not attached to another house (like a duplex).
Previous Page Land Titles System — Open House |
Currently Displayed — Page 7 Open Listing — Single-Family Detached Home |
Next Page Speculation Builder — Zoning |
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
- Real Estate
- Rental Property
- Rental Agreement
- Second Home Mortgage
- Sales Tax
- Real Estate Attorney
- Purchase Option
- Sales Contract
- Second Home
- Rent
Mortgage Amortization Calculator
An amortization is the amount of time scheduled to completely pay off a loan, and the amortization length you choose is important in shaping how much you'll end up paying for your home. While the Government of Canada's national housing agency caps the amortization period for high-ratio mortgages at 25 years, and that is the most popular amortization length in Canada, amortizations can range anywhere from 5 to 30 years for uninsured mortgages. Try our easy to use mortgage calculator to see how changing the amortization length affects your loan payments.
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