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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Realty Terms

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commercial property manager (CPM)Acronym
commercial real estate (CRE)Definition
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."
commercial real estate banking (CREB)Acronym
commercial real estate banking analyst (CREBA)Acronym
commercial real estate loan administration (CRELA)Acronym
commission (comm)Definition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation)
A fee paid to a salesperson for selling a product to a customer.
commitmentDefinition (Mortgages, Real-estate, Financial-banking)
A written agreement from a lender promising to lend money on certain terms for a specified time period.
commitment letterDefinition (Real-estate)
A formal offer by a lender which states the terms under which it agrees to lend money to a home buyer. Also known as a "loan commitment." This letter will indicate the contingencies that must be cleared prior to funding the loan.
common area assessmentDefinition (Real-estate)
A levy against individual unit owners in a condominium or planned unit development to pay for upkeep, repairs, and improvements to the property's common areas, such as hallways, elevators, parkades, swimming pools, and gym facilities.
common area maintenance (CAM)Definition
A periodic assessment that residents pay to their homeowners or condominium association to pay for maintenance and repair of common areas.
  ➥  Fee used to maintain areas shared by tenants.
common areasDefinition (Real-estate)
Areas of a building or land and the amenities owned (or managed) by a planned unit development, or condominium project's homeowners' association, or a cooperative project's cooperative corporation that are used by all of the unit owners who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common hallways of buildings, parkades, means of ingress and egress, etc.
common charges (CC)Acronym
community well (cmwl)Abbreviation (Abbreviation)
comparable property (comp)Abbreviation (Abbreviation)
  ➥  In relation to an appraisal.
comparablesDefinition (Mortgages, Real-estate)
Refers to "comparable properties," which are used for comparative purposes in the appraisal process.
comparative market analysis (CMA)Definition (Real-estate)
A method of estimating a property's value by comparing the sales prices of similar properties that have sold recently.
competitive market analysis (CMA)Acronym
complex (cpx)Abbreviation (Abbreviation)
condemnationDefinition (Real-estate)
The act of condemning (as land forfeited for public use) or judging by a government to be unfit for use.
conditional sale (C/S)Definition (Real-estate)
An agreement between the buyer and seller in where certain conditions must be met before the property sale can be finalized.
conditions, covenants, and restrictions (CC&R, CCR)Acronym
condominium (condo)Definition (Real-estate, Abbreviation)
A structure of two or more housing units. The interior space of the units are individually owned. The balance of the property (land, building and other amenities) is owned in common by the owners of the individual units.
condominium conversionDefinition (Real-estate)
When an existing building such as a rental project changes to the condominium form of ownership.
condominium feesDefinition (Real-estate)
Monthly maintenance fees paid for by condo owners. It is used to cover the cost of repairs, landscaping and building amenities.
condominium property regime (CPR)Acronym
A condominium property regime is a form of ownership of real property where the owner has title to a specific dwelling unit as well as an undivided interest in a proportion of the common areas as a tenant in common.
construction budgetDefinition (Real-estate)
Money that the builder sets aside for building a structure.
construction loanDefinition (Mortgages, Real-estate, Financial-banking)
A short-term interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.
construction to permanent loanDefinition (Mortgages, Real-estate, Financial-banking)
A loan that finances the construction, then for a long-term, traditional mortgage, as distinct from a construction loan followed by a separate mortgage loan.
contemporary style (Cont)Abbreviation (Abbreviation)
  ➥  As in Contemporary style home.
contiguous lotsDefinition (Real-estate)
Pieces of real estate that are next to each other.
contingencyDefinition (Real-estate, Legal-contracts)
A condition that must be met before a property sale can be completed, such as a home inspection or mortgage approval.
contractDefinition (Real-estate, Legal-contracts)
An agreement between two or more parties that can be enforced by law.
contract for deed (CFD)Definition (Real-estate, Legal-contracts)
An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
contract holderDefinition (Investments, Real-estate, Insurance, Financial-banking, Legal-contracts)
The entity that holds the rights to a obligation or debt.
contract to purchaseDefinition (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. Also known as an agreement of sale, a purchase contract or a sale contract.
contractorDefinition (Real-estate)
One who constructs or oversees construction of a house or a large renovation.
contractual lienDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A legal claim against property as a result of a voluntary contract, such as a mortgage.
contributing propertyDefinition (Real-estate)
Buildings within a historic district are either contributing or non-contributing properties with regards to historic value.
controlled growthDefinition (Real-estate)
A set of restrictions set by local government that governs the amount, type and density of new construction.
conveyanceDefinition (Real-estate, Legal-contracts)
To move something.
conveyance taxDefinition (Real-estate, Taxation)
A tax on the transfer of real property.
cooperating brokerDefinition (Real-estate)
A real-estate broker who finds a buyer for a property and initiates a negotiation and shares in a commission.
cooperativeDefinition (Real-estate)
A residential project owned by a cooperative corporation. Residents own shares in the cooperation, which in turn gives them the right to live in the project.
corporate real estate (CRE)Acronym
corrective workDefinition (Real-estate)
Repairs or maintenance that a buyer requests be done on a house before closing.
cost-plus contractDefinition (Real-estate)
An agreement in which a construction contractor receives a fee based on a percentage of all costs paid for labour and materials.
cottage (cott)Abbreviation (Abbreviation)
counterofferDefinition (Real-estate, Financial-banking)
Rejection of a purchase offer by submission of another offer with different terms (such as price or closing date). A step in the negotiating process.
covenantDefinition (Real-estate, Legal-contracts)
A promise made in a contract or property deed.
covenantorDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A person who promises to be responsible for the repayment of a loan.
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Credit RepositoryElectric or Electricity

Search the Glossary

Index of Realty Terms

Page 1: Abandonment
Architectural Fees
Page 2: Architectural Significance
Book Value
Page 3: Boot
Caravan
Page 4: Carport
Commercial Property...
Page 5: Commercial Property Manager
Covenantor
Page 6: Credit Repository
Electric or Electricity
Page 7: Elevator
Flood Plain
Page 8: Floor Plan
Inspection Report
Page 9: Inspection Required
Local Improvement Charge
Page 10: Local Taxes
New Home Warranty Program
Page 11: Newfoundland Association of...
Price Related Differential
Page 12: Prince Edward Island Real...
Real Estate Investor
Page 13: Real Estate Magazine
Second Home Mortgage
Page 14: Security
Title Defect
Page 15: Title Insurance
Yukon Real Estate...
Page 16: Zero
Zoning

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