Real Estate Terms
Amortization
The number of years it takes to repay the entire amount of When there is a physical intrusion onto an adjoining property, the mortgage.
Appreciation
The increase in the value of a property.
Clear Title
A property's ownership title that is free of liens or legal claims.
Closing Date
All legal and financial obligations are met on this day,and the title (and keys) to the property are transferred from the seller to the buyer. The closing date is usually the same Prospective buyers sign this legal contact that discloses the as the possession date.
Down Payment
The amount of money given towards a property's purchase price.
Encroachment
When there is a physical intrusion onto an adjoining property, such as a fence, storage shed, or overhanging roof line, which intrudes onto another property.
Land Transfer Taxes
When you acquire a property or land, you pay land transfer tax to the province when the transaction closes. Land transfer tax is normally based on the amount paid for the land, in addition to the amount remaining on any mortgage or debt assumed as part of the arrangement to buy the land.
Listing Agreement
The contract between a listing brokerage and a homeowner that allows a REALTOR® to facilitate the sale or lease of a property.
Purchase Contract
Prospective buyers sign this legal contact that discloses the as the possession date. conditions and price for the purchase of a property.
Terms
Terms are standard and negotiated items agreed upon in a contract price that must be legally upheld.
Title
The legal evidence of ownership of a property.
Title Search
A detailed examination of ownership documents to identify the legal owner of a property and to uncover any liens or restrictions on a property.
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