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A method of measuring the insulation capabilities
of materials.
A radioactive gas which may cause health
problems for occupants of some buildings.
A description of a one-storey house, developed
from the old, western-style homes.
From Government Surveying Method, lines which
run parallel to the principal meridian six mile apart to create
"ranges" of land.
A limit of how much an interest rate can
change in a variable of adjustable rate mortgage either in a given
period or over the life of the loan.
A written promise by a lender to lend money
to a borrower at a stated rate of interest -- usually time limited.
See "rate commitment". A written
agreement in which the lender guarantees the borrower a specified
interest rate, provided the loan closes within a set period of time.
:A firm and binding agreement for the
purchase and sale of land.
Property that has not been developed or improved.
A term of art meaning in a position to complete
a contract. In order to enforce a contract against another party,
you must be ready, willing and able to complete the contract yourself.
Term for land and all fixtures to land, including
buildings and other improvements.
A trained professional involved in the purchase,
sale and marketing of real property. The "listing agent"
acts for the vendor, the "selling agent" for the successful
purchaser.
A real estate professional who is licensed
to run a real estate firm, to hold trust funds, etc.
1. The fee paid to the real estate agents
after a transaction.
2. An agency that enforces real estate license laws.
N:
An organization of post-secondary teachers
of real estate courses.
A term for the pool of potential buyers and
sellers of property at a given time.
See "real estate agent" or "real
estate broker".
Statute requiring lenders to provide advance
notice to borrowers of fees and charges to be paid at closing.
Also known as "real estate". Land,
property, plus improvements to land.
Professional designation for a member of
the National Association of REALTORS or its affiliated local groups.
Must be a real estate broker.
Professional designation of a licensed real
estate agent or salesperson who is a member of the National Association
of Realtors but who has not been licensed as a broker.
See "real estate".
A rental agreement in which the periodic
payment is adjustable according to scheduled re-appraisals of the
rental value of the premises.
A change in the estimated value of a property
for realty, municipal or ad valorem tax purposes.
Any refund of all or a portion of money paid.
Adjustment of the periodic payment on an
adjustable or variable rate mortgage to ensure that the mortgage
will be paid out by maturity date.
Adjusting the terms of a loan agreement in
light of new developments (i.e. lower rates, possible default).
The act of declaring a contract null and
void and taking the necessary actions to return the parties to the
position they were in prior to entering the contract.
An unsworn statement of fact included in
a document. In many jurisdictions, recitals in registered documents
are deemed true and unassailable if unchallenged after a certain
period of time.
:
The return of title to property to its original
owner. May occur as a result of the pay-out of a mortgage or at
the end of a limited estate.
The act of entering title instruments in
the public records, thus giving notice to any interested parties
of the existence of the instrument.
The fees paid to have an instrument recorded
in the public record.
The right of a lender to pursue a borrower
personally for moneys owed.
A pool of money made up of contributions
from licensed brokers used to compensate members of the public with
claims against brokers.
:
See "government rectangular survey method".
To bring mortgage payments up-to-date after
the lender has begun default proceedings. Once a borrower (or other
lien holder) redeems, the mortgage is back in good standing and
the relationship continues as before the default.
The length of time during which the borrower
may redeem a mortgage.
To remove existing improvements and buildings
on a parcel of property and replace them with new, more useful and
profitable improvements.
An illegal practice, refusing to lend money
to owners of property in certain neighborhoods or to owners on the
basis of their race, color, religion, creed, age, gender, etc.
A mortgage statement setting out the amount
owing on the loan as of a given date. May be used for discharges
or assumptions.
See "reappraisal lease".
A recommendation, a suggestion to a client
of the value of the services of a person or firm. (i.e. a real estate
agent may refer a purchaser to a particular banker or lawyer.)
To replace an existing and perhaps mature
mortgage with a new mortgage on the same property. New mortgage
may have different terms than the old one.
A two-storey or three-storey house in a traditional
English style of the Regency Period, symmetrical in construction
with a hip roof. May have a small, eight-sided window above the
front door.
The person who has the task of collecting,
recording, and maintaining instruments related to title of land.
May also have responsibility of ruling on the acceptability of documents
submitted for registration and for making decisions as to how to
correct title defects.
The submission for recording in the public
records of instruments relating to title in land. Each jurisdiction
may have specific requirements as to documents which will be accepted
for registration; once registered, documents will be given a registration
number and recorded on the title abstract index for the property
to which the apply.
A federal rule which requires lenders to
provide borrowers with full disclosure of the terms of a loan.
To restore, refurbish, bring back to original
condition.
A tax provision allowing a tax credit of
up to 20% for the refurbishing of historic properties.
A reduction in the fee for title insurance
on a property which was previously title insured.
A term of a mortgage which allows the borrower
to pay out the loan and have the mortgage removed from title.
A document which, once registered, removes
certain kinds of claims from title to property.
The gradual migration of a body of water
such that additional dry land is left behind.
A term in a lease which allows the landlord
to move the tenant to a new unit, within the same building or elsewhere.
An organization of real estate professionals
in a number of different areas specifically designed to allow information
to be shared to allow easier movement of clients from one area to
another.
A firm that specializes in helping employees
who are transferred by their employer to a new area take care of
the move.
An interest in property that only arises
once another interest ends.
To refurbish, redesign, redecorate.
A right which arises out of a term in a contract
and takes effect at or near the termination date of a contract;
the party who enjoys the right may choose to continue the agreement
on terms as set out in the option clause or to treat the contract
as at an end upon the termination date.
Similar to remodel, with an emphasis on upgrading
the existing property.
1. Verb -- to lease premises from the owner
or a representative of the owner.
2. Noun -- the periodic payments made by a tenant to the landlord
for the right to occupy the premises.
Government initiative to control raises
in the amount charged for the lease by tenants of residential premises.
An inducement to enter a lease, a specified
number of months at the beginning of the lease in which the tenant
is not required to pay the periodic rental payments.
:
See "net leasable area".
The amount charged for the occupation of
a property.
A schedule arranged between a lender and
borrower to set out how a debt is to be paid out.
An insurance term, the total cost of erecting
a new home or building which adequately takes the place of the existing
one.
A document sent by a lawyer to a bank certifying
that title to the subject property is clear and marketable.
A letter sent by a lawyer to a client after
a transaction is completed (or when sent during the process of the
transaction, called "interim reporting letter") in which
the lawyer certifies title to the property and informs the client
of all other matters relating to the transaction.
The cost of making an exact duplicate of
a property.
Collective term for the total sum of money
required to complete a transaction, including purchase price, taxes,
legal fees, mortgage fees, etc.
To treat a contract as being at an end,
to withdraw one's offer or acceptance of an agreement.
The act of treating a contract as being at
an end as a result of the failure, breach or misconduct of another
party.
A pool of money held for use for future contingencies,
usually in the management of a building, condominium corporation
or cooperative unit.
The amount set prior to an auction which
must be met in the bidding for a particular item before the item
will be sold. Also known as "reserve bid".
The dwelling in which a person lives, may
also refer to the country or state where a person lives.
A real estate professional who deals in dwelling
properties.
Real estate that is occupied by the owner.
A warranty or insurance contract which covers
services such as electrical, plumbing etc. in a resale home.
See "re-insurance rate".
To refurbish a building or other asset to
its original condition.
Any limit on the ability of an owner to sell
or transfer property.
Any limit or control on the owner's ability
to use the property. May be contained in a deed and be binding on
the land and future owners of it.
See "restriction".
To fulfill one's obligations under a loan
or mortgage so that the lender has no further claims against the
borrower.
A type of mortgage where the equity in the
home serves as security for periodic payments made by the lender
to the borrower. Mortgage is generally paid out upon the sale of
the property.
A term for the situation where the income
from ownership of property is lower than the rate of interest paid
to finance the ownership.
The return of a property to the original
grantor upon the occurrence of an event specified in the grant.
The legal right to a property of a person
under a reversion clause.
The value of the property at the time of
reversion.
Taking back, recalling. One might revoke
a power of attorney or a consent given.
The amendment of the classification of a
property under use and building by-laws or ordinances. A property
may rezoned from industrial to residential to allow a warehouse
to be converted into condominiums.
A document which contains additional or amending
clauses to a contract.
The ability to make an offer for a property
before the owner puts it up for sale on the open market.
See "equity of redemption".
The legal term for the right of a surviving
joint tenant to take title to a property alone upon the death of
the other joint tenant.
Being legally entitled to treat a contract
as being at an end.
A form of easement, the legal entitlement
to pass over a portion of the land of another.
A person who has title to land bordering
on a body of water.
The rights of an owner of land bordering
a body of water to use or control that body of water or a part thereof.
160 feet measured in a line, a unit of measurement.
A loan where the amortization period is much
longer than the term and the borrower is allowed to refinance at
the end of the term at the interest rate then applicable.
The first conveyance in a chain of title.
If a jurisdiction has legislation which cures any title defects
that are older than a certain number of years, the root deed will
be the first deed beyond that period.
Any defect in ownership of property which
throws into question the very basic issue of who actually owns the
property. An unresolved problem going to the root of title is grounds
for rescission of the Agreement of Purchase and Sale no matter when
it is discovered before closing.
A dwelling that is attached to its neighbors
by way of common walls.
To calculate the number of years it will
take to double money while earning compound interest, divide the
interest rate into 72. Money invested at 10 percent compound interest
will take 7.2 years to double.
:
A legal term which suggests that a rule,
restriction, right or obligation forms part of the land itself and
is transferred to each new owner along with the land.
A term to describe something which is not
of an urban center.
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