Canadian Mortgage, Insurance and Financial Glossary

Words categorized under Real-estate

abandonment — Definition (Mortgages, Real-estate)

A disclaimer of ownership by the trustee or debtor in property deemed burdensome or inconsequential. Once property has been "abandoned" it is no longer the property of the estate and creditors can seek to recover their money.

abstract of title (ab) — Definition (Mortgages, Real-estate, Abbreviation, Legal-contracts)

A written history of all the transactions that bear on the title to a specific piece of land. An abstract of title covers the time from when the property was first sold to the present.

  ➥  AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds.

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

A property seller's formal, written approval of a buyer's offer.

acre — Definition (Real-estate)

43,560 square feet. A plot of land 180 by 242 feet is one acre.

acre foot (AF) — Definition (Real-estate)

The water or other material needed to cover an acre of land one foot deep. Equivalent to exactly 43,560 cubic feet.

actual age — Definition (Real-estate, Insurance)

The years since a structure was built. Differs from effective age.

additional property — Definition (Mortgages, Real-estate)

A property that is owned by the person that is not being financed.

adjusted basis — Definition (Real-estate, Financial-banking)

The amount you use to determine your profit or loss from a sale or exchange of property.

adverse possession — Definition (Real-estate, Legal-contracts)

A means of getting title to land by using it without the objection of the title holder.

adverse use — Definition (Real-estate, Legal-contracts)

Use of someone's property without permission.

agency (agcy) — Definition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation, Legal-contracts)

A relationship between two parties -- a client and an agent -- in which the agent represents the client in transactions with a third party.

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

The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.

agent (agt) — Definition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation, Legal-contracts)

A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.

agreed boundary — Definition (Real-estate, Legal-contracts)

Property lines that are drawn to settle a dispute between neighbouring property owners.

agreement of sale (AOS) — Definition (Real-estate, Legal-contracts)

A document in which a property's buyer and seller approve the price and other terms of the transfer of title.

air lock (AL) — Definition (Real-estate)

A small room with two doors, one door leads to the outside and one leads into the rest of the home.

alienation clause — Definition (Mortgages, Real-estate, Legal-contracts)

A requirement that the borrower pay the mortgage in full upon transfer of the property.

allowances — Definition (Real-estate)

Money set aside by builders for amenities, such as driveways, landscaping, carpeting and fixtures, that are standard but have optional designs.

amenities — Definition (Real-estate)

Amenities are features such as green space, playgrounds, community centres, shopping malls, or swimming pools that make a neighbourhood or community more desirable for living.

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

To add one thing onto another.

appraisal — Definition (Mortgages, Real-estate)

An estimate of the market value of a piece of real estate made by a competent professional who knows local real estate prices and markets.

appraisal fee — Definition (Mortgages, Real-estate)

What someone charges to deliver a professional opinion about how much a property is worth.

appraisal report — Definition (Mortgages, Real-estate)

A detailed evaluation of the value of a property based on an inspection and a review of the values of nearby, comparable properties.

appraised value — Definition (Mortgages, Real-estate)

An educated opinion of how much a property is worth.

appraiser — Definition (Mortgages, Real-estate)

A person qualified by education, training, and experience to estimate the value of real property and personal property.

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

An increase in the value of a property or item.

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

An assessment made by a lender of a borrower's ability to pay for a home and a confirmation of the amount the borrower may obtain.

architect — Definition (Real-estate)

One who designs buildings.

architectural fees — Definition (Real-estate)

Compensation paid to a person who designs buildings.

architectural significance — Definition (Real-estate)

How important a structure is.

arpent — Definition (Real-estate)

An area equal to about 0.845 acres, traditionally used in France, Quebec and Louisiana. Nowadays, hectares and acres are more commonly used measurements of area.

as is where is — Definition (Real-estate, Legal-contracts)

The buyer must examine the goods or property and buy at his or her own risk.

asbestos (asb) — Definition (Real-estate, Abbreviation)

A fire-resistant element that once was commonly used for insulation. It poses a lung hazard.

asking price — Definition (Real-estate)

The amount of money the seller requests for the property or item.

assessed value (AV, ast) — Definition (Mortgages, Real-estate, Taxation, Abbreviation)

A municipal or provincial government's determination of a property's worth for tax purposes.

assessment rolls — Definition (Mortgages, Real-estate, Taxation)

Lists of taxable property.

assessments — Definition (Real-estate, Taxation, Legal-contracts)

Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.

assignee — Definition (Estate-management, Real-estate, Insurance, Legal-contracts)

A person appointed to acquire (take) an item, such as a property.

assignor — Definition (Estate-management, Real-estate, Insurance, Legal-contracts)

assumability — Definition (Mortgages, Real-estate)

The ability of a mortgage to be taken over from the original borrower by a new borrower.

assumable — Definition (Mortgages, Real-estate)

A loan or obligation that can be taken over by a new borrower.

assumable mortgage — Definition (Mortgages, Real-estate)

A mortgage that can be taken over or "assumed" by the buyer when a home is sold.

assumption clause — Definition (Mortgages, Real-estate, Legal-contracts)

A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.

assumption fee — Definition (Mortgages, Real-estate, Legal-contracts)

A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.

attached (att, attd) — Definition (Real-estate, Abbreviation)

Something that is affixed to a property.

  ➥  As in attached garage.

attached structure — Definition (Real-estate)

A building that is attached to another building.

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

An agreement that grants the right to fly airplanes over property, even if the practice causes damage, inconvenience, or loss of property value. Such an agreement usually restricts the property owner from building or growing anything over a specified height.

back title letter — Definition (Real-estate, Insurance, Legal-contracts)

A document that a title insurance company gives to an attorney specifying condition of the title.

backup offer — Definition (Real-estate)

A bid for a property that the owner will consider if the current transaction falls through.

bargain sale — Definition (Real-estate)

Transfer of property or an item for less than market value.