|
Also known as "Agreement of Purchase
and Sale" or "Purchase Agreement:. The contract that sets
out the terms and conditions agreed to by the purchaser and the
vendor in the sale of land.
Where the vendor sells the property to the
purchaser, then leases it back immediately for a long term.
An income tax forgiveness program on capital
gains realized by the elderly on the sale of their homes.
Also known as "purchase price",
the amount of money paid by the purchaser to the vendor for the
property under the agreement.
A real estate professional in the employ
of another such real estate professional.
Method of estimating value of a property
by comparing similar properties that have been sold recently.
See "sale agreement".
A slang term for a sublease, where the tenant
is sandwiched between the owner and the subtenant, acting both as
lessor and lessee at the same time.
A smaller shop in a mall.
Written evidence from the lender that a loan
has been paid out in full and the borrower released from any obligation
to the lender.
Another form of mortgage lender.
The Federal Deposit Insurance Corporation
(FDIC) insurance fund for deposits in savings and loan associations.
The idea that price is driven by availability
of the product. If there is not enough product to meet demand (the
product is scarce), the price of the product will rise.
A right to the use of land which is given
for the purpose of ensuring that the land is never developed and
the natural beauty of the area is, as a result, preserved.
A document attached to an instrument for
registration or to a contract or agreement, which may contain information
required in the instrument or extra terms of the contract.
The periodic payment the borrower is obliged
to pay on a loan.
An investigation, a review of public records
for problems, concerns or simply for information. See "title
search".
An old loan under which the borrower has
proven herself capable of meeting loan obligations.
One sixtieth of a minute which is one sixtieth
of a degree which is one 360th of a circle. Used in metes and bounds
descriptions when astronomic bearings are used to describe directions.
A mortgage loan which is registered on title
after another mortgage (the first mortgage) and, therefore, is behind
the first mortgage in priority. In the event of default and sale
of the property, the second mortgagee will only be paid if there
are funds left after the payment of the first mortgagee.
Another term for a second mortgage; a loan
which stands behind the principal loan.
The purchase and sale of mortgages among
lenders.
A square mile in the Government Survey Method,
contains 640 acres.
An asset held as a guarantee of payment of
a loan.
Money held by the landlord to ensure the
tenant meets his obligations under the lease.
Legal term for the claim the lender has against
the borrower's property which has been pledged under a loan.
Slang term for a property which is mostly
empty of tenants.
A loan which will be paid off by the end
of its term, such that its term equals its amortization period.
Also known as "vendor take-back mortgage"
or "mortgage back", where the seller of a property agrees
to payment of part of the purchase price over time with the debt
to the seller registered on title as a mortgage.
Demand is greater than supply, such that
the vendor may demand a higher price.
See "seller financing".
The real estate professional who brings the
eventual purchaser to the property and the vendor. As opposed to
"listing agent".
Occurring twice per year.
A dwelling that shares one side wall with
another dwelling.
Property owned by one spouse solely, rather
than jointly with the other spouse.
A manner of dealing with sewage of a dwelling,
through pipes into a septic tank.
The condition of being far behind in mortgage
payments such that mortgage enforcement by the lender is imminent.
The act of collecting periodic payments toward
a debt.
The fee charged to the borrower for the lender's
costs of collecting payments and administering a loan.
The piece of land which is subject to an
easement. As opposed to the "dominant estate".
The piece of land which is subject to an
easement. As opposed to the "dominant tenement".
A municipal government rule that establishes
the minimum distance a building or other improvement must stand
from property lines.
An information pamphlet given by lender
to borrower which explains the process of the loan, settlement of
the loan, etc.
See "closing costs".
The information sheet which sets out the
allocation of funds on closing.
To divide one piece of property from another
to be sold or used separately.
Ownership of land by an individual.
The word for the act of dividing one property
from another or splitting a property into pieces.
A loan arrangement which allows the lender
to share, in exchange for a reduced interest rate, in any gain in
the value of the property against which the mortgage is secured.
A rental agreement wherein the tenant rents
the incomplete building and agrees to complete the interior work,
such as plumbing, wiring, interior walls, floors, etc.
Enforcement officer in a jurisdiction, person
charged with the responsibility of enforcing writs and liens against
people.
The instrument of conveyance for property
sold to satisfy a court judgment.
The forced sale of a property to satisfy
a debt or judgment.
The act of countering an offer with a return
offer. The original offer document is amended, initialled by the
person amending it, and sent back to the original offeror as a new,
counter offer.
A legal phrase suggesting that the party
executing a document intends it to be enforceable even if no consideration
is given to her for signing.
A charge for the use of money which is calculated
on a periodic basis as a percentage of the principal borrowed. No
further interest is charged on interest accumulated in earlier periods.
The representation of only one party to a
transaction.
A property designed for the use and occupancy
of one family group.
The location of something.
Also known as "buyers' market",
when vendors far outnumber buyers and prices fall.
SPEC HOUSE:
A new dwelling which is being built or has
been completed by a builder before a purchaser has been found to
buy it.
The levying of an additional tax on a property
for a specific purpose (i.e. to apportion the cost of infrastructure
upgrades among area land owners).
A temporary exemption from zoning use by-laws
or ordinances.
An instrument of conveyance in which the
vendor warrants she has done nothing to cloud title but nothing
further.
A piece of land specifically designed and
improved for a specific purpose -- a school or hospital.
A remedy for breach of contract, where the
breaching party is ordered to complete the contract according to
its terms.
A developer who constructs housing without
pre-selling.
:
Someone who buys property on the expectation
that its value will increase and it will be sold at a profit.
The impact of changes to or development of
one parcel of land on a neighboring or nearby parcel.
The practice of applying zoning ordinances
or bylaws to specific properties when neighboring lands may be under
a different classification.
A contract in which the borrower gives the
lender additional security for a loan by allowing it to be lodged
against other property owned by the borrower.
Method of estimating cost of construction
on the basis of the area of the building to be built.
The legal rights to occupy a property which
accrue to a person as a result of their long-time, open, notorious
and adverse possession of it.
A surveyor's method of marking the boundaries
of a property by placing a physical entity (a stake or bar) in the
ground.
The charge levied by governments on the transfer
of property.
A mortgage which has equal periodic payments
and is paid out at the end of its term.
A professional code of behavior for real
estate professionals promulgated by the National Association of
Realtors.
A small home, inexpensive, suitable to first-time
home buyers.
State levied land transfer taxes.
Back To Top
A filing required by the Department of Housing
and Urban Development (HUD) from a developer with a project involving
50 or more lots who plans to market it across several states.
The period of time after the originating
incident in which an injured party may start a legal claim against
the party who caused the injury.
A claim which may be registered against property
and is created by a law.
A slang term for a trustee who purchases
property on behalf of another who wishes to remain anonymous.
See "municipal address".
1. The creation of a number of smaller lots
out of one or more large lots for the purposes of developing each
smaller lot and selling them.
2. A newly created urban development.
Rules set out by the local government that
set out minimum requirements for approval of a new subdivision.
A term used to identify the building being
dealt with, examined or considered, as distinguished from other
buildings.
A term used to identify the property being
dealt with, examined or considered, as distinguished from other
properties.
:
An indication that title to a property includes
an obligation of some sort, an easement, right of way, lien, right
of claim. Opposite of "together with".
A term of an agreement which states that
the purchaser will assume an existing mortgage registered on title
to the property.
A rental contract between a tenant and someone
who rents from the tenant.
A tenant's tenant.
A tenant who leases the premises to another
person.
:
Real property that could not be developed
in a financially useful way.
Where a mortgage is pledged as security for
a loan to the mortgagee (the original lender).
See "secondary financing".
Placing the right of one person behind those
of another.
An agreement by the lender which allows the
current mortgage to be "postponed" or placed behind a
later mortgage in priority.
An instrument registering a change of trustee
under a deed of trust.
The conveyance of property to the heirs of
a deceased person under the laws governing intestate distribution
of assets.
A legal concept, the deemed consent to the
actions of another person which results when a person who could
be expected to react to the other person's actions refuses to do
so.
A legal action commenced to enforce a claim
or right.
A feature of a property which may not be
recognized fully in the price of the property.
An instrument conveying ownership of land
in exchange for a promise on the part of the grantee to care for
the grantor for his lifetime.
A legal document issued to assure the completion
of an act by another person.
A legal interest in the use or occupation
of the top of land. As opposed to "subsurface" or "mineral
rights".
Money gained in a mortgage enforcement sale
of property which is in excess of the money required to satisfy
the mortgage, interest, penalties, and costs.
:
To give up, to turn over something to a person
claiming interest in it.
A pictorial depiction of land and the improvements
on it. Shows boundary lines (with measurements and bearings), buildings,
sheds, easements, etc.
A professional who is trained to map out
land and improvements to land accurately.
The condition of outliving others. Surviving
joint tenants have the right to take title to the land from a deceased
joint tenant by right of survivorship.
Slang term for the contribution to the value
of a property made by manual labor.
Slang term for an added incentive to a party
to induce her to enter a transaction.
A short-term loan designed to bridge the
borrower's finances between two events. For example, a person who
buys a new home in April but cannot sell her old home until June
may require a swing loan to carry both homes for the interim period
until the old home may be sold and the proceeds used to pay out
the swing loan. Also known as "bridge financing".
Back To Top
|
