| |
A
| B | C
| D | E
| F | I
| L | M
| O | P
| R | S
| T | V
| Z
} A {
Abstract
A written history of the title to a parcel of real estate
as recorded in a land registry office.
Amortization
The period of time, most often 15, 20 or 25 years,
required to reduce a debt to zero when payments are
made regularly.
Agency
The relationship between an individual and agent which
arises out of a contract (written or oral) in which
the agent is employed and authorized by the individual
to represent him or her in business transactions with
a third party
Agreement for Sale
An agreement for the purchase of real estate property
in which the purchase price is paid in installments
and the title is not conveyed to the purchaser until
the purchase price is paid in full.
Agreement for Purchase and Sale
A contract by which one party agrees to sell and another
agrees to purchase.
Amortization
The number of years it takes to repay the entire amount
of a mortgage.
Approved Lender
A lending institution authorized by the Government
of Canada through CMHC to make loans under the terms
of the National Housing Act. Only Approved Lenders
can negotiate mortgages which require mortgage loan
insurance.
Appraisal
An estimate of a property's market value, used by
lenders in determining the amount of the mortgage.
Appreciation
The increase in a property's value over time.
Assessed Value
A valuation placed on the property as a basis for
municipal taxation.
Assumption Agreement
A legal document signed by a home buyer that requires
the buyer to assume responsibility for the obligations
of a mortgage by the builder or the original owner.
Assumption of a mortgage
The taking of title to property by an individual where
he or she assumes liability for an existing mortgage
against the property and they become personally liable
for the payment of such mortgage debt.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} B {
Balance due on completion
The amount of money the purchaser will be required
to pay to the seller to complete the purchase , after
all adjustments have been made.
Blended mortgage payments
Equal or regular mortgage payments, consisting of
both a principal and an interest component.
Broker
A real estate professional licensed in the province
to facilitate the sale, lease or exchange of a property.
Buy-down
When the seller reduces the interest rate on a mortgage
by paying the difference between the reduced rate
and market rate directly to the lender (or the purchaser)
in one lump sum or monthly instalments.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} C {
Caveat Emptor
A Latin expression meaning "Let the buyer beware".
Because the onus of examining the goods or property
being purchased is on the buyer, the buyer is therefore
at risk.
Chattel
Personal property which is tangible and moveable.
Closing
The real estate transaction's completion, when the parties
involved agree that all legal and financial obligations
have been met and the deed to the property is transferred
from the seller to the buyer.
Closing Costs
Expenses in addition to the purchase price for buying
and selling a property.
Commission
Monies paid to an agent upon the sale or lease of property,
usually as a percentage of the amount involved.
Common elements
The portions of a condominium development owned in common
(shared) by the unit owners.
Contract
A contract is a legally binding agreement between two
or more cable persons. The agreement says that in return
for a lawful and genuinely intended act a certain value
will be placed. The contract must be in writing.
Conventional mortgage
A first mortgage issued for up to 75% of the property's
appraised value or purchase price, whichever is lower.
Counteroffer
One party's written response to the other party's offer
during the negotiation of a real estate purchase between
buyer and seller.
Covenant
An agreement contained in a deed and creating an obligation.
It may be positive, stipulating the performance of some
act, or it may be negative and restrictive, forbidding
other acts.
Creditor
A person to whom a debt is owed by another person usually
called a debtor.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} D {
Date of Completion
The date specified in the agreement of purchase and
sale, when the purchaser is to deliver the balance of
money due and the seller delivers a duly executed deed
and vacant possession of the property.
Debt service ratio
The percentage of a borrower's gross income that can
be used for housing costs, including mortgage payment
and taxes (and condominium fees, where applicable).
Deed
A legal document in writing, duly executed and deliver,
that conveys (transfers) ownership of a property to
the buyer.
Deposit
The payment of money or other valuable consideration
as pledge for fulfillment of the contract.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} E {
Easement
A legal right to use or cross (right-of-way) another
person's land for limited purposes. A common example
is a utility company's right to run wires or lay pipe
across a property.
Encroachment
An intrusion onto an adjoining property. A neighbor's
fence, storage shed or overhanging roof line that partially
(or even fully) intrudes onto your property are examples
of encroachments.
Equity
The difference between the price for which a property
can be sold and the mortgage(s) on the property. Equity
is the owner's "stake" in a property.
Exclusive Listing
A document giving the sole right to offer a described
piece of property for sale, according to the terms of
the agency agreement.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} F {
Foreclosure
Court actions taken by a mortgagee, when default occurs
on a mortgage, causing forfeiture of the property.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} I {
Intestate
A person who dies without a will or leaves one which
is defective in form.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} L {
Land Transfer Tax
Payment to the provincial government for transferring
property from the seller to the buyer.
Lease
A contract between landlord and tenant for the occupation
or use of the landlord's property by the tenant for
a specified time and for a specified consideration.
Lien
Any legal claim against a property, filed to ensure
payment of a debt.
Listing
An oral or written agreement between a property owner
and a broker authorizing the broker to offer the owner's
real property for sale or lease.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} M {
Mortgage
The conveyance of property to a creditor as security
for payment of a debt; i.e., the lender or creditor.
Mortgagee
The one to whom property is conveyed as security for
the payment of a debt; i.e., the lender or creditor.
Mortgagor
The one who makes the mortgage, i.e., the borrower or
debtor.
Multiple Listing
An arrangement between brokers, usually real estate
board members, whereby each broker presents his listings
to the other members, who may negotiate the transaction.
Multiple Listing Service
A system for relaying information to REALTORS about
properties for sale.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} O {
Open mortgage
A mortgage that can be prepaid or renegotiated at any
time and in any amount, without penalty.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} P {
Power of Attorney
Delegated written authority to a person allowing that
person to act on the behalf of another person.
Principal
The employer of an agent or broker who gives the agent
or broker the authority to do some act for him or her.
In real estate, usually the owner of a property.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} R {
Real Estate
Real Estate includes real property, leasehold and business
whether with or without premises, fixtures, stock-in-trade,
goods or chattels in connection with the operations
of the business (Real Estate Business and Brokers Act).
Real Estate Broker
A person who represents a principal or owner in a real
estate trade.
REALTOR
A registered word which may only be used by an active
member of a real estate board affiliated with the Canadian
Real Estate Association.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} S {
Salesperson
An employee of a broker authorized to trade in real
estate (as defined within the Real Estate Business Brokers
Act). Also can be referred to as a Sales Representative.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} T {
Title
The legal evidence of ownership in a property.
Title search
A detailed examination of the ownership documents to
ensure there are no liens or other encumbrances on the
property and no questions regarding the seller's ownership
claim.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} V {
Variable-rate mortgage
A mortgage for which payments are fixed, but whose interest
rate changes in relationship to fluctuating market interest
rates. If market rates go up, a larger portion of the
payment goes to interest. If rates go down, a larger
portion of the payment is applied to the principal.
Vendor-take-back mortgage
When sellers use their equity in a property to provide
some or all of the mortgage financing in order to sell
the property.
A | B
| C | D
| E | F
| I | L
| M | O
| P | R
| S | T
| V | Z
} Z {
Zoning regulations
Strict guidelines, set and enforced by municipal governments,
regulating how a property may or may not be used.
Back
to Top
|
|
|
 |
 |
|
| |
|
|
|
|
 |
EVALUATION FORM |
|
| When selling
or buying a home knowing the value of it and its
sorroundings is a very important piece of information
to have! |
|
|
|
|
|
|
105-1250 Dominion Avenue. Vancouver BC V3B 8G7
