A
method of measuring the insulation capabilities of materials.
A radioactive gas which may cause health
problems for occupants of some buildings.
A description of a one-storey house,
developed from the old, western-style homes.
From Government Surveying Method, lines
which run parallel to the principal meridian six mile apart
to create "ranges" of land.
A limit of how much an interest rate
can change in a variable of adjustable rate mortgage either
in a given period or over the life of the loan.
A written promise by a lender to lend
money to a borrower at a stated rate of interest -- usually
time limited.
See "rate commitment". A
written agreement in which the lender guarantees the borrower
a specified interest rate, provided the loan closes within
a set period of time.
:A firm and binding agreement
for the purchase and sale of land.
Property that has not been developed
or improved.
A term of art meaning in a position
to complete a contract. In order to enforce a contract against
another party, you must be ready, willing and able to complete
the contract yourself.
Term for land and all fixtures to land,
including buildings and other improvements.
A trained professional involved in
the purchase, sale and marketing of real property. The "listing
agent" acts for the vendor, the "selling agent"
for the successful purchaser.
A real estate professional who is licensed
to run a real estate firm, to hold trust funds, etc.
1. The fee paid to the real estate
agents after a transaction.
2. An agency that enforces real estate license laws.
N:
An organization of post-secondary teachers
of real estate courses.
A term for the pool of potential buyers
and sellers of property at a given time.
See "real estate agent" or
"real estate broker".
Statute requiring lenders to provide
advance notice to borrowers of fees and charges to be paid
at closing.
Also known as "real estate".
Land, property, plus improvements to land.
Professional designation for a member
of the National Association of REALTORS or its affiliated
local groups. Must be a real estate broker.
Professional designation of a licensed
real estate agent or salesperson who is a member of the National
Association of Realtors but who has not been licensed as a
broker.
See "real estate".
A rental agreement in which the periodic
payment is adjustable according to scheduled re-appraisals
of the rental value of the premises.
A change in the estimated value of
a property for realty, municipal or ad valorem tax purposes.
Any refund of all or a portion of money
paid.
Adjustment of the periodic payment
on an adjustable or variable rate mortgage to ensure that
the mortgage will be paid out by maturity date.
Adjusting the terms of a loan agreement
in light of new developments (i.e. lower rates, possible default).
The act of declaring a contract null
and void and taking the necessary actions to return the parties
to the position they were in prior to entering the contract.
An unsworn statement of fact included
in a document. In many jurisdictions, recitals in registered
documents are deemed true and unassailable if unchallenged
after a certain period of time.
:
The return of title to property to
its original owner. May occur as a result of the pay-out of
a mortgage or at the end of a limited estate.
The act of entering title instruments
in the public records, thus giving notice to any interested
parties of the existence of the instrument.
The fees paid to have an instrument
recorded in the public record.
The right of a lender to pursue a borrower
personally for moneys owed.
A pool of money made up of contributions
from licensed brokers used to compensate members of the public
with claims against brokers.
:
See "government rectangular survey
method".
To bring mortgage payments up-to-date
after the lender has begun default proceedings. Once a borrower
(or other lien holder) redeems, the mortgage is back in good
standing and the relationship continues as before the default.
The length of time during which the
borrower may redeem a mortgage.
To remove existing improvements and
buildings on a parcel of property and replace them with new,
more useful and profitable improvements.
An illegal practice, refusing to lend
money to owners of property in certain neighborhoods or to
owners on the basis of their race, color, religion, creed,
age, gender, etc.
A mortgage statement setting out the
amount owing on the loan as of a given date. May be used for
discharges or assumptions.
See "reappraisal lease".
A recommendation, a suggestion to
a client of the value of the services of a person or firm.
(i.e. a real estate agent may refer a purchaser to a particular
banker or lawyer.)
To replace an existing and perhaps
mature mortgage with a new mortgage on the same property.
New mortgage may have different terms than the old one.
A two-storey or three-storey house
in a traditional English style of the Regency Period, symmetrical
in construction with a hip roof. May have a small, eight-sided
window above the front door.
The person who has the task of collecting,
recording, and maintaining instruments related to title of
land. May also have responsibility of ruling on the acceptability
of documents submitted for registration and for making decisions
as to how to correct title defects.
The submission for recording in the
public records of instruments relating to title in land. Each
jurisdiction may have specific requirements as to documents
which will be accepted for registration; once registered,
documents will be given a registration number and recorded
on the title abstract index for the property to which the
apply.
A federal rule which requires lenders
to provide borrowers with full disclosure of the terms of
a loan.
To restore, refurbish, bring back to
original condition.
A tax provision allowing a tax credit
of up to 20% for the refurbishing of historic properties.
A reduction in the fee for title insurance
on a property which was previously title insured.
A term of a mortgage which allows the
borrower to pay out the loan and have the mortgage removed
from title.
A document which, once registered,
removes certain kinds of claims from title to property.
The gradual migration of a body of
water such that additional dry land is left behind.
A term in a lease which allows the
landlord to move the tenant to a new unit, within the same
building or elsewhere.
An organization of real estate professionals
in a number of different areas specifically designed to allow
information to be shared to allow easier movement of clients
from one area to another.
A firm that specializes in helping
employees who are transferred by their employer to a new area
take care of the move.
An interest in property that only arises
once another interest ends.
To refurbish, redesign, redecorate.
A right which arises out of a term
in a contract and takes effect at or near the termination
date of a contract; the party who enjoys the right may choose
to continue the agreement on terms as set out in the option
clause or to treat the contract as at an end upon the termination
date.
Similar to remodel, with an emphasis
on upgrading the existing property.
1. Verb -- to lease premises from the
owner or a representative of the owner.
2. Noun -- the periodic payments made by a tenant to the landlord
for the right to occupy the premises.
Government initiative to control raises
in the amount charged for the lease by tenants of residential
premises.
An inducement to enter a lease, a specified
number of months at the beginning of the lease in which the
tenant is not required to pay the periodic rental payments.
:
See "net leasable area".
The amount charged for the occupation
of a property.
A schedule arranged between a lender
and borrower to set out how a debt is to be paid out.
An insurance term, the total cost of
erecting a new home or building which adequately takes the
place of the existing one.
A document sent by a lawyer to a bank
certifying that title to the subject property is clear and
marketable.
A letter sent by a lawyer to a client
after a transaction is completed (or when sent during the
process of the transaction, called "interim reporting
letter") in which the lawyer certifies title to the property
and informs the client of all other matters relating to the
transaction.
The cost of making an exact duplicate
of a property.
Collective term for the total sum of
money required to complete a transaction, including purchase
price, taxes, legal fees, mortgage fees, etc.
To treat a contract as being at an
end, to withdraw one's offer or acceptance of an agreement.
The act of treating a contract as being
at an end as a result of the failure, breach or misconduct
of another party.
A pool of money held for use for future
contingencies, usually in the management of a building, condominium
corporation or cooperative unit.
The amount set prior to an auction
which must be met in the bidding for a particular item before
the item will be sold. Also known as "reserve bid".
The dwelling in which a person lives,
may also refer to the country or state where a person lives.
A real estate professional who deals
in dwelling properties.
Real estate that is occupied by the
owner.
A warranty or insurance contract which
covers services such as electrical, plumbing etc. in a resale
home.
See "re-insurance rate".
To refurbish a building or other asset
to its original condition.
Any limit on the ability of an owner
to sell or transfer property.
Any limit or control on the owner's
ability to use the property. May be contained in a deed and
be binding on the land and future owners of it.
See "restriction".
To fulfill one's obligations under
a loan or mortgage so that the lender has no further claims
against the borrower.
A type of mortgage where the equity
in the home serves as security for periodic payments made
by the lender to the borrower. Mortgage is generally paid
out upon the sale of the property.
A term for the situation where the
income from ownership of property is lower than the rate of
interest paid to finance the ownership.
The return of a property to the original
grantor upon the occurrence of an event specified in the grant.
The legal right to a property of a
person under a reversion clause.
The value of the property at the time
of reversion.
Taking back, recalling. One might revoke
a power of attorney or a consent given.
The amendment of the classification
of a property under use and building by-laws or ordinances.
A property may rezoned from industrial to residential to allow
a warehouse to be converted into condominiums.
A document which contains additional
or amending clauses to a contract.
The ability to make an offer for a
property before the owner puts it up for sale on the open
market.
See "equity of redemption".
The legal term for the right of a surviving
joint tenant to take title to a property alone upon the death
of the other joint tenant.
Being legally entitled to treat a contract
as being at an end.
A form of easement, the legal entitlement
to pass over a portion of the land of another.
A person who has title to land bordering
on a body of water.
The rights of an owner of land bordering
a body of water to use or control that body of water or a
part thereof.
160 feet measured in a line, a unit
of measurement.
A loan where the amortization period
is much longer than the term and the borrower is allowed to
refinance at the end of the term at the interest rate then
applicable.
The first conveyance in a chain of
title. If a jurisdiction has legislation which cures any title
defects that are older than a certain number of years, the
root deed will be the first deed beyond that period.
Any defect in ownership of property
which throws into question the very basic issue of who actually
owns the property. An unresolved problem going to the root
of title is grounds for rescission of the Agreement of Purchase
and Sale no matter when it is discovered before closing.
A dwelling that is attached to its
neighbors by way of common walls.
To calculate the number of years it
will take to double money while earning compound interest,
divide the interest rate into 72. Money invested at 10 percent
compound interest will take 7.2 years to double.
:
A legal term which suggests that a
rule, restriction, right or obligation forms part of the land
itself and is transferred to each new owner along with the
land.
A term to describe something which
is not of an urban center.ac
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