Terms with Category Real Estate

  • Goods and Services Tax (GS, GST) Bank, Canada,
    • A sales tax that applies in all Canadian provinces charged at 5% (as of 2012).
    Bank account transaction code.
  • Gross Living Area (GLA) Acronym, Important,
    • 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,
    • Amount a leaseholder pays periodically for use of land only.
  • Guarantor Definition,
    • Someone who guarantees something.
  • Half-bath (hbh, ½ ba, ½ bth, ½ bath) Abbreviation,
    • A bathroom with a toilet and a sink.
    • A bathroom with a toilet, a sink, and a bathtub or shower (usually a shower rather than a tub).
    • A room that contains a toilet and sink, but no tub or shower.
  • Harmonized Sales Tax (HST) Bank, Canada,
    • A sales tax used in some provinces to merge the GST and PST.
    Canadian consumption tax.
  • Hectare Definition,
    • An area equal to 100 meters by 100 meters
  • Heritage Conservation Definition,
    • Protecting historical and culturally important buildings, structures or environments like a park or garden.
  • Historic Preservation (HP) Acronym,
    • A movement to protect buildings with historic value from destruction or extensive renovation.
  • Historic Structure Definition,
    • Important structure significant to history
  • Holdback Definition,
    • 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) Bank, Canada, Very Important,
    • 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,
    • A thorough examination of a house's visible structural parts and systems, conducted before purchase.
  • Home Inspector Definition,
    • A person who has a broad general knowledge relating to basic home construction, common household problems and methods for their correction.
  • Home Office (HO) Acronym,
    • 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) Acronym, Very Important,
    • 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,
    • 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,
    • 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,
    • 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,
    • 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,
    • The existence of any exterior openings in a building which creates an illegal view of adjoining lands.
  • Income Approach Bank,
    • 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 Bank,
    • Real estate developed or improved to produce income. Also referred to as "non-owner occupied property" or "rental property."
  • Index Bank,
    • 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,
    • Basic installations that a community needs, such as schools, roads, water and electrical lines, power plants and communications systems.
  • Inspection Definition,
    • A critically and carefully performed examination.
  • Inspection Report Definition,
    • The documentation of a thorough examination of a house's visible structural parts and systems, conducted before purchase.
  • Insurable Title Definition,
    • 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.
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