|
A small rental dwelling unit which combines
living and bedroom spaces into one room (and, sometimes, kitchen
space as well). Also known as "efficiency suite" or "studio
apartment".
A comparison of a borrower's monthly expenses
to her gross monthly income used to assess her ability to carry
a mortgage or other loan.
Notice by a Title Insurance Company to a
person searching and certifying title that a previous search has
been completed, setting out the status of title of the property
as at a given date such that the person searching need only up-date
the search.
An Agreement of Purchase and Sale for a particular
property which is conditional (becomes binding) upon the failure
of another Agreement for the same property.
Often as in "balance due", the
amount of principal on a loan remaining to be paid at any given
time.
A table of figures showing the assets, liabilities
and net worth of a person or corporation on a given date.
A loan which is repaid by a series of small,
periodic payments until a given date, when either the balance comes
due in a single, large payment or the amount of the payments rises
significantly.
The single, large payment which pays out
the balance due on a balloon mortgage.
A noun or adjective. Noun - a person or business
which has made an assignment in bankruptcy or has been petitioned
into bankruptcy. Adjective - owing more money than you have assets
or income to repay.
Back to Top
The state of being unable to pay your debts
such that you submit yourself to the protection of the state. A
person or business may voluntarily assign himself into bankruptcy
or may be petitioned into bankruptcy by his creditors. Once in bankruptcy,
the person surrenders his assets to a trustee in bankruptcy who
sells the assets for the benefit of the bankrupt's creditors, first
secured creditors then unsecured creditors. Once a person is discharged
from bankruptcy, none of his former creditors may pursue him for
his former debts.
The set rent payable by a tenant under a
lease, to which is added Additional rents as required by the lease
(for common area maintenance, for example, or for utilities).
One 100th of 1%.
A valuable document (a bond or other security)
which does not bear the name of its legal owner; may be redeemed
by whoever is in possession of it.
A neighborhood or area which offers little
in the way of employment opportunities but plenty of housing, similar
to a "suburb" or commuter town.
Gross amount of money available for the use
of the owner before taking into consideration taxes.
:
A person or corporation's gross earnings
before taxes are deducted.
A subsidized interest rate on a mortgage
or loan, often provided by a government to allow for acquisition
of property or reduction in rents charged to tenants.
A permanent feature on land which is used
as a point of reference for a land surveyor.
A person or corporate entity entitled to
receive money or assets from a trust or an estate under a will.
To leave an item of personal property to
a certain person in a will (see "Devise", which refers
to gifts of land in this context).
The item bequeathed under a will.
The improvement of real estate that results
in a rise in market value. Also, a legal concept of civil law: when
a court award, judgment or order in favor of an injured party places
that party in a better position than he would have been had his
original injury never taken place.
Or semiannual. Occurring every six months
or twice per year.
An offer of a certain amount of consideration.
Occurring once in every two years.
A contract which has a balance of consideration
promised by the parties, where each promises performance of the
contract.
A description of a house with two levels,
where the main entrance to the house is between the two levels.
Documentary evidence that title to personal
property (chattels) has passed to the Purchaser for valuable consideration.
1. A written commitment from an insurance
company to insure a property or a certain risk; or
2. A preliminary agreement to purchase a property accompanied by
a forfeitable deposit which is lost if the purchaser does not complete
the purchase of the property.
Back to Top
A loan which features payments equalling
one half of the usual monthly payment made every two weeks (to total
26 in a year), thus substantially reducing the life of the mortgage
and the interest payable over the life of the mortgage.
A single insurance policy that applies to
more than one person or property.
:
Where one loan is secured against more than
one parcel of land.
Created when an old loan is refinanced and
extended at an interest rate which is different from the original
rate: the old debt is still payable at the old rate; the new debt
is payable at the new rate; the total amount of the debt is payable
at a rate of interest that is somewhere between the two rates.
An area of a community where the infrastructure
and buildings have been allowed to decay.
Construction plans, containing great detail
about the particular building.
United States government body with a mandate
to assure uniform property tax assessments.
A standard clause or provision in a contract
which appears in all similar contracts.
Made in good faith, at fair market value,
without deceit or fraud.
1. A sum of money paid into court as an assurance
of the performance of some requirement or as security for payment
on a claim. May be used to allow for the removal of a claim for
lien from a property while the court action over the lien continues.
2. An interest-bearing instrument.
The person or company that receives money
from a lender (often a bank, credit union or trust company) in exchange
for a written promise to pay and a registered lien on property.
Low lying land, near a water course or in
a valley or similar geographic contour.
Edge or limit of a property. See "property
line".
A failure to meet one's obligations, whether
under a contract or otherwise. A breach of contract allows the innocent
party to enforce the contract, rescind the contract or sue for damages.
Also known as a "swing loan", a
loan used to fill a gap in financing, often between the purchase
of a new home and the sale of the old one. If the purchase closes
before the sale, the home owner needs to borrow enough money to
pay for the new house for the period of time before the equity in
his old house comes available as a result of the completion of the
sale.
A unit of heat or cooling. That required
to change the temperature of a pound of water by one degree Fahrenheit.
An intermediary who brings parties together
for specific purposes. A mortgage broker brings borrowers together
with lenders; a real estate broker brings purchasers together with
vendors. Often charges a percentage of the contract price as a fee.
Specific training required to become a Real Estate Broker, a professional
designation.
A nineteenth-century-style row house, with
up to five storeys and a front stoop, verandah or porch leading
up to the front door.
A mortgage in which the borrower is required
to make periodic payments not only for interest and principal, but
also for insurance premiums and realty tax installments.
An area of land specifically designed to
separate one zoning use from another, such as separating a residential
neighborhood from an industrial area.
An offer by a landowner to develop the land
in a manner dictated by a potential tenant, in return for a long-term
lease from the tenant for the developed land.
Back to Top
An enforceable guarantee of the quality of
construction given by a builder or developer.
Set of regulations established by a municipality
to govern the standards of construction in that municipality.
The minimum distance a building or other
improvement may be constructed from a property line. May be established
by agreements, title documents or municipal by-laws or ordinances.
A document obtained from the local government,
allowing for the construction of a structure in accordance with
the terms of the permit.
Limiting rules which may appear in building
codes or in title documents which control the size, placement, materials,
design or location of new construction.
Items which could be chattels but which are
installed so as to form part of a building.
A small, one-storey home built in a turn
of the century style, often with a prominent front verandah.
A day in which normal business is transacted.
Generally, Monday to Friday but not weekends or holidays.
A contract between a purchaser and vendor
in which the vendor agrees to repurchase the property from the purchaser
if a certain event occurs within a specified period of time. The
buy-back price is usually set out in the agreement.
The payment of extra money on a loan now
so as to reduce the interest rate over a given period or over the
life of the loan. This extra payment may be made by the borrower,
by the lender (as an incentive to the borrower to borrow from the
lender) or by the vendor/builder (as an incentive to the borrower
to buy a certain property).
A real estate broker who contracts to represent
the interests of a person wishing to purchase a home. (see also
"selling agent", "Purchaser's agent").
A condition of the real estate market where
there are more properties for sale than people interested in buying
them. Buyer's have more choice and less competition for the available
properties, resulting in lower prices.
A pact between partners in a business or
shareholders in a company, obliging one to buy the other's interest
(and obliging the other to sell) upon the occurrence of some event
stated in the agreement.
Rules enacted by a governing body of general
application.
Back To Top
|
