Real Estate Glossary

A mortgage with an interest rate that changes periodically based on market conditions.

The process of paying off a loan over time through regular payments that cover both principal and interest.

A professional assessment of a property's market value, typically required by lenders before approving a mortgage.

An increase in property value over time due to market conditions or improvements.

The value placed on a property by a municipality for tax purposes.

A real estate agent who represents the buyer in a property transaction.

A market condition where supply exceeds demand, giving buyers more negotiating power.

A short-term loan used to bridge the gap between buying a new property and selling an existing one.

The final step in a real estate transaction where ownership transfers from seller to buyer.

Fees and expenses paid at closing, including legal fees, land transfer tax, and other charges.

An analysis of recently sold properties similar to the subject property, used to determine market value.

A type of ownership where you own your unit and share ownership of common areas with other owners.

An offer to purchase that includes specific conditions that must be met before the sale is finalized.

A response to an offer that proposes different terms, essentially rejecting the original offer.

A legal document that transfers ownership of real property from one party to another.

A sum of money paid as part of an offer to purchase, held in trust until closing.

A freestanding residential structure not attached to any other dwelling.

The portion of the purchase price paid upfront by the buyer, typically expressed as a percentage.

A residential building containing two separate units under one roof.

The difference between a property's market value and the amount owed on the mortgage.

A neutral third party that holds funds or documents until specific conditions are met.

A listing agreement giving one brokerage the sole right to sell a property for a specified period.

The price a property would sell for in a competitive market with willing buyers and sellers.

A mortgage with an interest rate that remains constant throughout the term.

The legal process by which a lender takes possession of a property due to the borrower's failure to make payments.

A form of property ownership where you own both the building and the land it sits on.

A period after a payment due date during which a payment can be made without penalty.

A thorough examination of a property's condition by a qualified inspector before purchase.

A service contract that covers the repair or replacement of major home systems and appliances.

The percentage charged by a lender for borrowing money, typically expressed as an annual rate.

A form of property ownership where two or more people hold equal shares with right of survivorship.

A tax paid to the provincial or municipal government when property ownership changes hands.

A form of property ownership where you own the building but lease the land it sits on.

A legal claim against a property, often used as security for a debt.

A property that is available for sale, marketed through a real estate brokerage.

The real estate agent who represents the seller in a property transaction.

A database system used by real estate professionals to share information about properties for sale.

A loan used to purchase real estate, with the property serving as collateral.

A professional who arranges mortgages between borrowers and lenders.

A lender's commitment to provide financing up to a specific amount, subject to conditions.

A situation where a seller receives more than one offer to purchase their property.

A formal proposal to buy a property at a specified price and terms.

A scheduled period when a property is open for viewing by potential buyers without an appointment.

A property that is sold before or during the construction phase.

The amount of money borrowed in a mortgage, excluding interest.

An annual tax paid to the municipality based on the assessed value of the property.

A licensed professional who represents buyers or sellers in real estate transactions.

A real estate professional who is a member of the Canadian Real Estate Association. REALTOR is a registered trademark.

Replacing an existing mortgage with a new one, often to get better terms or access equity.

A style of housing where homes share side walls but have their own entrance.

A market condition where demand exceeds supply, giving sellers more negotiating power.

A home that shares one common wall with a neighboring property.

A condition in an offer that makes the sale contingent on the buyer obtaining financing.

A document showing the boundaries, dimensions, and location of structures on a property.

Legal ownership of a property.

Insurance that protects against losses from defects in title or ownership.

An examination of public records to confirm a property's legal ownership and identify any claims.

A multi-story home that shares walls with adjacent properties.

A residential building containing three separate units.

The process a lender uses to assess the risk of providing a mortgage to a borrower.

A mortgage where the interest rate fluctuates with market conditions.

To voluntarily give up a right or condition, such as a condition in an offer.

Municipal regulations that control how properties in specific areas can be used.