Short
form for "Loan-to-value ratio".
The practice of acquiring land now
for future use.
See "Contract for Deed".
A rental agreement for the use of land
but not the improvements thereon.
An arrangement where a person sells
property to another but immediately rents it from the purchaser.
A qualified professional who is trained
to establish, measure and draw out the boundaries of properties
and the improvements (buildings and other features) located
thereon based on land records and site examinations.
An effort by a municipality to establish
guidelines for the use and development of land within its
boundaries.
The gradual change in the use of land
in a neighborhood over a period of years.
A comparison of the value of the land
with the value of the improvements to that land.
A term describing a property that does
not border on any public road.
Also known as "lessor".
The owner of a property who allows other persons to occupy
a property in exchange for periodic payments of rent.
Any object which is fixed to the ground
and may serve as a guidepost for a survey or boundary. Also
known as "monument".
A professional designer of ground works
who takes into consideration the need for drainage, utilities
installations, buildings, grading while creating a pleasing
appearance.
A fee or penalty to be paid to a lender
for a payment which is delivered after it is due.
Problems with a property or building
which are not visible to the casual observer but which may
surface later. A vendor must disclose to a purchaser any serious
latent defects of which he has knowledge.
A written agreement to rent a property
or part of a property from the owner. Sets out premises rented
("demised premises"), amount to be paid, payment
period, and other rights and obligations of the landlord and
tenant.
A rental contract which allows the
tenant to purchase the property during the period of the lease.
Payments under the lease may be credited (in whole or in part)
against the purchase price.
A Fannie Mae loan which allows qualified
persons to lease a property from a nonprofit organization
with an option to purchase the home. Payments are made against
the loan principal and interest but with a portion going into
a savings account toward the purchase price.
Description of the ownership interest
in a property of a landlord who has rented the property to
a tenant.
An interest in a property for a period
of time as specified under a rental contract.
Additions to a rented premises made
by the tenant, often in the nature of a fixture, which may
be removed by the tenant at the end of the lease term if no
damage ensues to the premises and if the lease permits.
A loan secured against a tenant's interest
in a property.
:
Set by statute, the age at which a
person ceases to be a minor and is able to contract on his
own behalf.
A description of a piece of
real estate that is drafted according to legal requirements
and which clearly and adequately establishes the identity
of the property so described. Found in most instruments for
registration on title to land.
Usually a person's full name as given
at birth, may be changed by filing the proper forms and paying
the appropriate fee.
Informing one or more persons of a
fact, action or intention in a period of time and in a fashion
required by a statute, contract or court order.
The place where one resides (may refer
to a street address or, for income tax purposes, a country
of residence).
The bundle of rights of ownership that
a person acquires in purchasing a piece of property, which
may be defended against competing interests.
The beneficiary under a will.
LENDER:
Any individual or company which provides
money to third parties in return for periodic payments of
interest and principal over time.
A contract between a lender and potential
borrower which allows a lender to provide certain loans at
certain times on terms set out in the contract but also allows
the lender to choose not to provide such loans.
A policy of Title Insurance which covers
the interest of a lender on a mortgage registered on title
to a property.
An interest in land which is limited
to a certain period of time.
:
A tenant under a lease.
A landlord under a lease (the owner
of the property being rented).
1. (Verb) To lease or rent part or
all of a property to a third party.
2. (Noun) A served ball that strikes the net but still falls
in to the service court in tennis.
See "commitment Letter".
An agreement between a bank and a borrower
which allows the borrower to use money on the bank's credit.
A written indication to the owner of
property that the writer will be making an offer to purchase
the property.
A land loan which requires regular,
even payments.
To charge or assess a tax or charge.
The debts or obligations of a person.
:
A contract made with an insurance company
to cover costs arising out a person's responsibility for injuries
to others.
To be legally obligated or responsible
for something or to someone.
Latin for "book", the volume
in which land records are held.
A legal claim against property for
moneys owed.
The person who has the claim against
the property.
The surrender or passing up on one's
right to a claim.
The maximum interest rate chargeable
under an adjustable or variable rate mortgage over its life.
A limited right in a property, to use
or occupy the property for the life of the person holding
the estate after which title reverts to the grantor or a named
third party.
A person who enjoys rights of occupation
of property for life.
The maximum increase or decrease in
the amount of each periodic payment allowable over the life
of an adjustable or variable rate mortgage.
A written promise made by a borrower
for a sum of money in excess of the principal amount of the
loan. The lender may sue the borrower on this promise.
:
Similar property.
Responsibility or obligation which
is restricted to the limits set out.
A very flexible form of loan in which
the lender agrees to make a certain amount of money available
to the borrower at a certain rate of interest. The borrower
may use as much of the amount available as she wishes and
may pay out all or any part of the amount owing at any time
or re-borrow such funds at her leisure.
The distance from one point to another
measured in a straight line, along the ground.
A lineal measurement equaling 7.92
inches.
Latin meaning "suit pending",
a recorded notice of a legal claim which may affect ownership
of a parcel of land.
:
To place a property up for sale in
the public forum, to add it to the list of properties for
sale.
The real estate professional who acts
for the vendor in marketing a property for sale. As opposed
to Selling Broker (Agent) -- the agent representing the purchaser.
The agreement that allows a real estate
professional to market a property or the actual notice of
the property's availability and features.
:
Legal action in pursuit or furtherance
of a claim.
See also "mortgage". A transfer
of money or other property from one party to another upon
the expectation that the money or other property will be returned
(often with additional payments as well).
The form completed by a potential borrower
which provides information the prospective lender requires
to assess the borrower's suitability for a loan.
The charge paid by the borrower for
the honour of requesting a loan and of having the lender consider
the request.
:
See "commitment letter".
The most important factor in the value
of a property.
Obtain a commitment from a lender to
guarantee a certain interest rate or other loan feature for
a set period of time.
The time span over which the lender
guarantees a feature of a loan.
A dwelling made of unfinished logs,
rough in texture, old-fashioned, rustic.
The duty of any person claiming damages
against another person, actions designed to alleviate the
injury suffered or to reduce the cost of that injury to that
injured party.
A measured section of land, often a
particular parcel of land on a registered plan.
The legal perimeter of a parcel of
property, often shown on a survey of the property.
A slang term for an offer to purchase
a property with an offered purchase price much lower than
that asked for. An attempt to take advantage of pressures
on the vendor to sell by asking him to accept much less than
the property may be worth.
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