The estimated monetary value of the injury
a person suffers as a result of an unlawful act or negligent act
of another person. Once proven, damages may be awarded by a Court.
The precise day, month and year upon which
an assessment of the value of a property has been given.
The specific day, month and year a legal
document was signed or prepared.
The specific day, month and year upon which
an instrument was registered on title to the property.
Also known as "Cul de Sac". A street
which is closed at one end so that traffic cannot flow through it.
Similar to a car dealer, a person who offers
a collection of properties for sale to the public.
An entry on a financial statement which reflects
payments or disbursements made on behalf of a party for which the
party is responsible (opposite of "Credit").
1. An obligation to another person.
2. That obligation which is created by borrowing.
3. The total of all financial obligations of a person or corporation.
A comparison of the net income of a property
with the cost of payments (principal and interest) on the mortgage
on the property, used to assess the ability of the property to generate
enough income to pay for itself.
A comparison of the amount owing on a property
with the equity (value of property minus amount owing).
Paying for the purchase of a property with
credit.
Also known as Debt-to-Income ratio. A comparison
of the total monthly payments of all of the borrower's debts (including
the mortgage) with the gross monthly income of the borrower, used
to assess borrower's ability to pay mortgage.
The mortgage payment for a given period of
time.
:
A person who has borrowed and therefore owes
(opposite of Creditor).
A Statement made by a developer of a new subdivision which sets
out the restrictions of general application throughout the new development.
A signed statement by a trustee acknowledging
that she holds legal title to property on behalf of someone else
(the beneficiary of the trust).
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An order of the Court setting out the amount
outstanding on a delinquent mortgage and ordering the sale of the
property to pay the mortgagee.
Often required under subdivision or development
agreements, the donation of parcels of land to the municipality
for a public use, such as a street, a park or a school.
The instrument by which title to property
is conveyed from one person to another.
The permanent record of deeds registered
in a particular jurisdiction. Also known as "libers".
A legal instrument in which a borrower conveys
property to a lender under a mortgage to save the expense of foreclosure.
See also quit-claim deed.
A legal instrument conveying legal title
to a property to a trustee, may contain statements as to powers
of trustee, duties of trustee etc.
A legal instrument which conveys title from
a trustee back to the borrower under a mortgage once the mortgage
has been paid out.
A legal instrument signed by lien claimants
or mortgagees which gives up their claim to the property. See Discharge
and Quit Claim Deed.
A legal instrument in which a person with
a life interest gives up that interest to the person with underlying
title.
A legal instrument which secures the payment
of a loan or mortgage, used in some states instead of mortgages.
A legal instrument which conveys title and
is made by only one party.
A clause in a deed which limits the use of
the property in certain respects.
Failure. In mortgages, the failure to make
payments in full, on time or at all or to live up to any other obligations
placed on the borrower by the loan agreement.
:
A decision rendered by a Court when the defendant
has failed to respond to the claim.
:
A clause in a mortgage which ensures that,
once the borrower has met all of her obligations under the terms
of the mortgage and paid out the entire principle and interest borrowed,
the lender's legal interest in the property is extinguished.
Able to be revoked in the case of the occurrence
(or non-occurrence) of a certain event or the performance (or failure)
of a condition.
A registered claim on title which serves
to interfere with the marketability of the owner's title to the
property.
Ownership of property which is subject to
some competing claim.
The person against whom a claim is asserted
in a Court action.
Interest which is not paid as it accumulates
but which is added, instead, to the loan principle.
A technique for reducing the amount of each
periodic payment on a mortgage monthly by postponing the payment
of a portion of the interest until a certain date in the future
(or to when the property is sold), at which time the interest postponed
is added to the principle owing.
A nice way to say that the property has not
been kept up and is depreciating both physically and in value.
A Court order against a borrower under a
mortgage to pay to the lender an amount sufficient to make up for
the difference between what the borrower owes under the mortgage
and the amount the lender sold the property for under a mortgage
remedy action.
One 360th of a circle. One 90th of a right
angle. Used in astronomic bearings in metes and bounds descriptions
of land.
The condition of being late on a payment
but not yet in default.
The act of turning over any legal document
(including a Deed) to another party
so as to make it legally operative and no longer revocable.
A type of loan where the lender may require
payment in full of the principal (and accumulated interest) at any
time.
A conveyance of an interest in property for
a set period of time (such as in a lease).
The portion of the entire property which
is leased to a particular tenant.
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A measure of the number of a certain thing
within a defined space. Population density, for example, measures
the number of people in a given area (a square-mile, an acre etc.)
A federal agency focusing on programs regarding
housing and renewal of city communities.
An independent federal agency which oversees
programs for military veterans, including loan and mortgage programs.
1. The money paid up-front by a purchaser
as security for her completing the transaction. Also known as "good
faith money" or "earnest money".
2. An instrument which is not registered on title but placed in
the records for a given piece of land for information purposes.
When a lender requires ownership documents
to be left with it as further security for a loan.
The initial acquisition cost of an improvement
on land, used for income tax purposes. Land may not be depreciated
but the improvements (buildings, etc.) may be.
An estimation of the useful, valuable life
of certain assets (such as buildings or production machinery).
1. The lessening of the value of a property
over time.
2. A tax adjustment accounting for the reduction in value of an
asset (a building or a piece of machinery) over time.
The gradual receding of water, leaving more
land than was there previously.
A transfer of property made to correct or
confirm an earlier conveyance.
The conveyance of property to those heirs
of a deceased person as dictated by the laws of the jurisdiction
when no will is left behind.
Also known as "Legal Description".
The manner in which a piece of land is identified. May involve metes
and bounds measurements using astronomic bearings or may simply
set out Lot and Plan numbers in a specific municipality. Most jurisdictions
require description of land to be included in all instruments to
be registered on title to that property.
Person designated by a corporation to oversee
all real estate activities of that corporation. Must meet requirements
for real estate broker's license.
Any person who has met the requirements of
the Real Estate Educators Association for this designation.
A free-standing dwelling that is designed
to house one family unit.
The impact of time and wear and tear on a
dwelling or other building which results in a decrease in its value
if nothing is done to counteract it.
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A person or company who makes a business
of turning vacant or underused parcels of land into new housing
(or business, commercial or industrial) surveys.
A loan specifically designed to finance the
transformation of a vacant tract into a new survey. May provide
for money to be advanced as the stages of the development are completed.
The legal ability to develop a parcel of
land, usually purchased from the owner of a vacant tract of land
by the developer. Title to the property does not change hands until
the new survey of properties is sold to third-party purchasers.
The act of leaving a piece of land to another
person in a will.
The beneficiary under a will who receives
a gift of real estate under the will.
The deceased person under whose will the
beneficiary receives real estate. More commonly called the "testator".
Short form for "Double Income, No Kids".
A description of a type of Purchaser in the real estate market.
Those expenses in the improvement of property
which can be directly attributed to the improvement itself (i.e.
labor, material, taxes, etc.). Also known as "hard costs".
A kind of mortgage where the principal and
interest to be paid are based on the principal remaining. An amortized
mortgage.
1. A document containing written instructions
to a person to do a certain thing in a certain way.
2. A point on a compass, used in legal descriptions.
A direction made by a party who is entitled
to money to the party who is obligated to pay the money which sets
out how the receiving party wishes the money paid.
Also known as "Title Direction".
A direction made by the Purchaser to the Vendor of property setting
out how the Purchaser wishes to take title. May include the full
legal name, the birthdate (if necessary), the address for service
of the Purchaser and, if there are more than one Purchaser, the
capacity in which they wish to share title ( i.e. as Joint Tenants
or Tenants in Common).
A factor in the value of undeveloped land,
the direction in which an urban center tends to expand.
To refuse to accept a decision already made,
to revoke consent, assent or agreement already given.
An expenditure of money.
1. A document registered to remove
a mortgage from title to a property.
2. To payout out a debt.
3. To meet one's obligations.
A statement of refusal of responsibility
of a legal right etc.
The person on whose behalf an agent is acting
when that person's identity is made know to the person with whom
the agent is dealing.
Sometimes known as "Vendor's Disclosure",
a legal requirement in some jurisdictions in which the Vendor of
a property must provide a written statement to a prospective purchaser
setting out defects in the property known to the Vendor.
A document issued by a lender to a borrower
in which the lender sets out the terms and conditions of the loan.
Often required under legislation.
A sum of money held back from a mortgage
advance as prepaid interest.
See point. Each point is equal to 1% of the
principal.
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A benchmark for interest rates, the rate
charged by the Federal Reserve System on loans to banks.
A licensed real estate broker who charges
a commission at a lower rate.
To remove a person from occupation of a property
by a legal action.
The legal action taken to dispossess a person
of property.
:
A landlord's action for recovering arrears
in rent by taking possession of and selling the tenant's personal
property.
The right of a party to sell the real or
personal property of another party to pay for arrears in rent or
loan payments.
A property which is to be sold in order to
pay arrears on a mortgage.
A terms used to classify neighborhoods according
to their use: residential, commercial, industrial, etc.
1. Noun: a paper which establishes certain
facts or attempts to bring about a certain result.
2. Verb: to set out events, facts or beliefs in written form.
A levy paid to the local government for
registration of a document (a deed or mortgage) in the public records,
often calculated as a percentage of the purchase price or the value
of the mortgage.
A slang term for a property that, as a result
of factors such as poor condition, poor location or poor design,
is slow to sell.
The place where a person legally resides.
The property which enjoys the benefit of
an easement over another property (known as the servient estate).
The person who receives a gift, bequest,
or who is named an attorney in a power of attorney.
The person who gives a gift, bequest, gives
power of attorney or who settles property in a trust for another
person (the beneficiary).
Ownership of land which is questionable as
a result of a possibly valid competing claim.
The interest enjoyed by a wife in real property
her husband acquired during his life time. The right becomes exercisable
upon the death of the husband. Dower still exists in some jurisdictions
but has been abandoned in most.
The amount of money provided by the Purchaser
toward the total price of the property (not including legal fees
or other acquisition costs). In general, downpayment plus mortgage
equals purchase price.
The reduction of the density allowed for
a certain property under zoning by-laws, such as from high density
(high rise apartment) to medium density (low rise or individual
homes).
A term of a mortgage which establishes the
subject property as security for the present and for all future
debts of the owner to the lender.
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A means, whether natural or otherwise, by
which water is allowed to flow off a property.
Also known as "non-recourse loan"
because the lender has no personal right of action against the property
owner in the event of default. The lender may only sell the property
to enforce the loan obligation.
A breach of agency rules which must be disclosed
to the parties. Where one agent (often a real estate broker or agent)
represents both sides in a contract (i.e. the Vendor and the Purchaser)
such that the agent has a conflict of interest.
The date established in the loan agreement
upon which all moneys then outstanding on the loan become due and
payable in full.
A clause in a mortgage which requires that
the mortgage be paid out in full upon the sale of the property against
which it is secured. A mortgage with this clause may not be assumed
by a purchaser.
Slang term for the trustee in an undisclosed
trust situation where a nominee holds legal title of property for
an unnamed principal.
A building which houses two separate dwelling
units.
A state in which the improper, threatening
or coercive actions of another place a person in a disadvantage
psychological position. A person is not bound by a contract she
enters while under duress.
A house, home, living unit. Generally refers
to a building designed for use as a living space.
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