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 -


A written history of the title to a parcel of real estate as recorded in a land registry office.

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
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.

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 -
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.

Personal property which is tangible and moveable.

Monies paid to an agent upon the sale or lease of property, usually as a percentage of the amount involved.

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.

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.

A person to whom a debt is owed by another person usually called a debtor.

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- D -

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.

A document in writing, duly executed and deliver, that conveys title or an interest in real property.

The payment of money or other valuable consideration as pledge for fulfillment of the contract.

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- E -

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 -


Court actions taken by a mortgagee, when default occurs on a mortgage, causing forfeiture of the property.
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- I -


A person who dies without a will or leaves one which is defective in form.
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- L -


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.

A right, given to a creditor and creating an interest in the real property until the debt is discharged.

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.

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- M -


The conveyance of property to a creditor as security for payment of a debt; i.e., the lender or creditor.

The one to whom property is conveyed as security for the payment of a debt; i.e., the lender or creditor.

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.

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- P -


Power of Attorney 
Delegated written authority to a person allowing that person to act on the behalf of another person.

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 -

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.

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 -


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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