W. Bickley Real Estate Ltd presents:
Glossary of Terms
source London and St Thomas Real Estate Board
Technical jargon in any profession can create confusion and misunderstanding
for those not up on the lingo. The real estate industry is no exception.
The following are commonly used real estate terms, followed by a plain
English explanation.
Select the first letter of the word from the list above to jump to appropriate
section of the glossary.
- A -
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Abstract
A written history of the title to a parcel of real estate as recorded
in a land registry office.
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Agency
The relationship between an individual and agent which arises out of
a contract (written or oral) in which the agent is employed and authorized
by the individual to represent him or her in business transactions with
a third party
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Agreement for Sale
An agreement for the purchase of real estate property in which the
purchase price is paid in installments and the title is not conveyed to
the purchaser until the purchase price is paid in full.
Agreement for Purchase
and Sale
A contract by which one party agrees to sell and another agrees to
purchase.
Appraisal
The act or process of estimating value.
Assessed Value
A valuation placed on the property as a basis for municipal taxation.
Asssumption of Mortgage
The taking of title to property by an individual where he or she assumes
liability for an existing mortgage against the property and they become
personally liable for the payment of such mortgage debt.
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- B -
Balance due on completion
The amount of money the purchaser will be required to pay to the seller
to complete the purchase , after all adjustments have been made.
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- C -
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Caveat Emptor
A Latin expression meaning "Let the buyer beware". Because the onus
of examining the goods or property being purchased is on the buyer, the
buyer is therefore at risk.
Chattel
Personal property which is tangible and moveable.
Commission
Monies paid to an agent upon the sale or lease of property, usually
as a percentage of the amount involved.
Contract
A contract is a legally binding agreement between two or more cable
persons. The agreement says that in return for a lawful and genuinely intended
act a certain value will be placed. The contract must be in writing.
Covenant
An agreement contained in a deed and creating an obligation. It may
be positive, stipulating the performance of some act, or it may be negative
and restrictive, forbidding other acts.
Creditor
A person to whom a debt is owed by another person usually called a
debtor.
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Date of Completion
The date specified in the agreement of purchase and sale, when the
purchaser is to deliver the balance of money due and the seller delivers
a duly executed deed and vacant possession of the property.
Deed
A document in writing, duly executed and deliver, that conveys title
or an interest in real property.
Deposit
The payment of money or other valuable consideration as pledge for
fulfillment of the contract.
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- E -
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Exclusive Listing
A document giving the sole right to offer a described piece of property
for sale, according to the terms of the agency agreement.
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- F -
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Foreclosure
Court actions taken by a mortgagee, when default occurs on a mortgage,
causing forfeiture of the property.
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- I -
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Intestate
A person who dies without a will or leaves one which is defective in
form.
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- L -
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Lease
A contract between landlord and tenant for the occupation or use of
the landlord's property by the tenant for a specified time and for a specified
consideration.
Lien
A right, given to a creditor and creating an interest in the real property
until the debt is discharged.
Listing
An oral or written agreement between a property owner and a broker
authorizing the broker to offer the owner's real property for sale or lease.
- M -
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Mortgage
The conveyance of property to a creditor as security for payment of
a debt; i.e., the lender or creditor.
Mortgagee
The one to whom property is conveyed as security for the payment of
a debt; i.e., the lender or creditor.
Mortgagor
The one who makes the mortgage, i.e., the borrower or debtor.
Multiple Listing
An arrangement among brokers, usually real estate board members, whereby
each broker presents his listings to the other members, who may negotiate
the transaction.
- P -
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Power of Attorney
Delegated written authority to a person allowing that person to act
on the behalf of another person.
Principal
The employer of an agent or broker who gives the agent or broker the
authority
to do some act for him or her. In real estate, usually the owner of a property.
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- R -
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Real Estate
Real Estate includes real property, leasehold and business whether
with or without premises, fixtures, stock-in-trade, goods or chattels in
connection with the operations of the business (Real Estate Business and
Brokers Act).
Real Estate Broker
A person who represents a principal or owner in a real estate trade.
Realtor
A registered word which may only be used by an active member of a real
estate board affiliated with the Canadian Real Estate Association.
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- S -
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Salesperson
An employee of a broker authorized to trade in real estate (as defined
within the Ontario Real Estate Business Brokers Act). Also can be referred
to as a Sales Representative
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