Terms with Category Real Estate

  • Rental Agreement (RA) Bank, Important,
    • A document that states the terms and conditions for tenancy of a dwelling.
  • Rental Property (RP) Bank, Important,
    • Property that is occupied by rent-paying tenants and not the owner.
  • Replacement Reserve Fund Definition,
    • Money that is set aside by a homeowners association or condominium board to replace common property, such as playground equipment.
  • Resale Value Definition,
    • The sales price that would be negotiated by a willing seller and buyer for an existing home or property.
  • Reserve Fund Definition,
    • Money that a homeowners or condominium association sets aside for major repairs and capital improvements.
  • Right of First Refusal Bank,
    • 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,
    • To include certain closing costs, such as origination and settlement fees, in the mortgage.
  • Sale Price Bank,
    • The price that is paid for an asset.
  • Sale-leaseback Definition,
    • 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,
    • 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 Bank,
    • Federal and / or provincial taxes that are applied to purchases.
  • Schematic Designs Definition,
    • Structural plans for a building's mechanical systems, such as its plumbing and electrical functions.
  • Second Home Definition,
    • An additionally purchased property, often a vacation or a rental property.
  • Second Home Mortgage Definition, Important,
    • A mortgage used purchase property, often a vacation or a rental property.
  • Security Bank,
    • A document stating ownership of a stock or bond.
    • A tradable financial implement that represents ownership, the rights to ownership or debt.
    • Property designated as collateral.
  • Self-Build Insurance Definition,
    • Insurance that covers a homeowner for problems involved in a construction project.
  • Seller Broker Definition,
    • One who earns a commission from the seller of a property in exchange for finding a buyer and assisting in negotiation.
  • Seller's Market Bank,
    • Due to either low supply or high demand, the seller can expect to sell quickly with a high sale price.
  • Semi-custom Home Definition,
    • 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,
    • A house that one family lives in and is not attached to another house (like a duplex).
  • Speculation Builder Definition,
    • A developer that builds houses without a commitment from a purchaser.
  • Speculation Home Definition,
    • A house built before a buyer has been found, on the assumption that one will be found.
  • Square Footage Definition,
    • The area within a building, calculated by measuring the rooms by length and width.
  • Starter Home Definition,
    • A dwelling that is relatively small and inexpensive and bought as a first home.
  • Statute of Frauds (SOF) Acronym,
    • A law which provides that certain contracts must be in writing to be enforceable at law. This includes real estate contracts.
  • Step Down Lease Bank,
    • A lease providing for decreases in rental payment at specified dates.
  • Step Up Lease Bank,
    • A lease providing for increases in rental payment at specified dates.
  • Study Definition,
    • A room used for reading or work
  • Subagent Definition,
    • A real estate agent who finds a buyer for a property, and is not the property's listing agent. The subagent usually earns a portion of the commission.
  • Subcontractor Definition,
    • A person or company that does specialty work for a general contractor.
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