Terms with Category Real Estate

  • Local Taxes Bank,
    • Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
  • Low Ball Offer Definition,
    • A way-below-market bid a buyer makes on a property or item.
  • Maintenance Fee Definition,
    • A periodic assessment that residents pay to their homeowners or condominium association to pay for maintenance and repair of common areas.
  • Manufactured Housing Definition,
    • Factory-built home that can be placed temporarily or permanently upon land. Styles vary from modest trailers to dwellings that look like site-built houses.
  • Market Conditions Bank,
    • Factors that affect the sales of homes in an area, such as interest rates, the unemployment rate, home appreciation, weather and time of year.
  • Market Value (MV) Bank, Important,
    • Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.
  • Mechanical Systems Definition,
    • A house's heating, cooling, plumbing and electrical apparatus.
  • Median Price Bank,
    • In a given area, the amount paid for a house in which half of the houses in that area sell for less and half sell for more.
  • Metes and Bounds Definition,
    • A surveyor's legal description of a parcel of land, defined by measurements and angles.
  • Mill Rate Definition,
    • A unit of taxation that is a set ratio made by the city or municipality in reference to property taxes.
  • Mint Condition Bank,
    • A term describing a building or item that's just like new.
  • Mis-selling Bank,
    • The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
  • Mixed-income Housing Bank,
    • A neighbourhood whose residents earn widely varying wages and salaries.
  • Monetary Value Bank,
    • A property's monetary value is its worth if sold at this moment in time.
  • Mortgage Assumption Definition, Important,
    • Taking over the payment and responsibility for an existing property loan.
  • Motivated Buyer Definition,
    • A prospective buyer who has a strong reason to buy, and quickly.
  • Motivated Seller Definition,
    • A home seller who has a strong reason to sell quickly, possibly because of an upcoming relocation or an impending default on a loan.
  • Move-in Condition (MIC) Acronym,
    • A house that is ready for a new occupant.
  • Move-up Buyer Definition,
    • One who is selling a house to buy a more expensive house.
  • Moving Expenses Definition,
    • Expenses incurred when you moved in connection with your job and are deductible if they are the reasonable costs of moving yourself, your family and your possessions. You can no longer deduct the cost of meals while moving.
  • Multi-Family (MF, mfam) Acronym & Abbreviation,
    • A building with more than four residential units.
  • Multiple Listing Service (MLS) Acronym, Canada, Very Important,
    • A database that lists all properties in an area that are for sale or lease by Realtors.
  • Non-assumption Clause Definition,
    • A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.
  • Non-owner Occupant Bank,
    • A borrower who purchases a property for investment or rental purposes and will not occupy the property.
  • Non-Recurring Closing Costs (NRCC) Acronym,
    • One-time fees paid at a real-estate settlement, including origination, appraisal, points, title insurance and credit report.
    Non-recurring fees at closing are those that are paid once such as a property inspection or property appraisal fees. Recurring fees are those that are paid again and again such as property taxes, condo fees and property insurance.
  • Non-Resident Alien (NRA) Acronym,
    • A person who is not a permanent resident or a citizen of Canada, and who is generally taxed on income from Canadian resources.
  • Not in My Backyard (NIMBY) Acronym,
    • Opposition from residents for proposed buildings or structures in a neighbourhood.
  • Notice of Default (NOD) Bank, Important,
    • The step in the foreclosure process where the lender informs the court that the borrower is in arrears.
  • Offer Definition,
    • To propose or give something.
  • Open House (OH) Acronym,
    • A selling tool in which a real-estate agent advertises a property for sale and invites people to visit without making an appointment.
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