Also
known as "Agreement of Purchase and Sale" or "Purchase
Agreement:. The contract that sets out the terms and conditions
agreed to by the purchaser and the vendor in the sale of land.
Where the vendor sells the property
to the purchaser, then leases it back immediately for a long
term.
An income tax forgiveness program on
capital gains realized by the elderly on the sale of their
homes.
Also known as "purchase price",
the amount of money paid by the purchaser to the vendor for
the property under the agreement.
A real estate professional in the employ
of another such real estate professional.
Method of estimating value of a property
by comparing similar properties that have been sold recently.
See "sale agreement".
A slang term for a sublease, where
the tenant is sandwiched between the owner and the subtenant,
acting both as lessor and lessee at the same time.
A smaller shop in a mall.
Written evidence from the lender that
a loan has been paid out in full and the borrower released
from any obligation to the lender.
Another form of mortgage lender.
The Federal Deposit Insurance Corporation
(FDIC) insurance fund for deposits in savings and loan associations.
The idea that price is driven by availability
of the product. If there is not enough product to meet demand
(the product is scarce), the price of the product will rise.
A right to the use of land which is
given for the purpose of ensuring that the land is never developed
and the natural beauty of the area is, as a result, preserved.
A document attached to an instrument
for registration or to a contract or agreement, which may
contain information required in the instrument or extra terms
of the contract.
The periodic payment the borrower is
obliged to pay on a loan.
An investigation, a review of public
records for problems, concerns or simply for information.
See "title search".
An old loan under which the borrower
has proven herself capable of meeting loan obligations.
One sixtieth of a minute which is one
sixtieth of a degree which is one 360th of a circle. Used
in metes and bounds descriptions when astronomic bearings
are used to describe directions.
A mortgage loan which is registered
on title after another mortgage (the first mortgage) and,
therefore, is behind the first mortgage in priority. In the
event of default and sale of the property, the second mortgagee
will only be paid if there are funds left after the payment
of the first mortgagee.
Another term for a second mortgage;
a loan which stands behind the principal loan.
The purchase and sale of mortgages
among lenders.
A square mile in the Government Survey
Method, contains 640 acres.
An asset held as a guarantee of payment
of a loan.
Money held by the landlord to ensure
the tenant meets his obligations under the lease.
Legal term for the claim the lender
has against the borrower's property which has been pledged
under a loan.
Slang term for a property which is
mostly empty of tenants.
A loan which will be paid off by the
end of its term, such that its term equals its amortization
period.
Also known as "vendor take-back
mortgage" or "mortgage back", where the seller
of a property agrees to payment of part of the purchase price
over time with the debt to the seller registered on title
as a mortgage.
Demand is greater than supply, such
that the vendor may demand a higher price.
See "seller financing".
The real estate professional who brings
the eventual purchaser to the property and the vendor. As
opposed to "listing agent".
Occurring twice per year.
A dwelling that shares one side wall
with another dwelling.
Property owned by one spouse solely,
rather than jointly with the other spouse.
A manner of dealing with sewage of
a dwelling, through pipes into a septic tank.
The condition of being far behind in
mortgage payments such that mortgage enforcement by the lender
is imminent.
The act of collecting periodic payments
toward a debt.
The fee charged to the borrower for
the lender's costs of collecting payments and administering
a loan.
The piece of land which is subject
to an easement. As opposed to the "dominant estate".
The piece of land which is subject
to an easement. As opposed to the "dominant tenement".
A municipal government rule that establishes
the minimum distance a building or other improvement must
stand from property lines.
An information pamphlet given by lender
to borrower which explains the process of the loan, settlement
of the loan, etc.
See "closing costs".
The information sheet which sets out
the allocation of funds on closing.
To divide one piece of property from
another to be sold or used separately.
Ownership of land by an individual.
The word for the act of dividing one
property from another or splitting a property into pieces.
A loan arrangement which allows the
lender to share, in exchange for a reduced interest rate,
in any gain in the value of the property against which the
mortgage is secured.
A rental agreement wherein the tenant
rents the incomplete building and agrees to complete the interior
work, such as plumbing, wiring, interior walls, floors, etc.
Enforcement officer in a jurisdiction,
person charged with the responsibility of enforcing writs
and liens against people.
The instrument of conveyance for property
sold to satisfy a court judgment.
The forced sale of a property to satisfy
a debt or judgment.
The act of countering an offer with
a return offer. The original offer document is amended, initialled
by the person amending it, and sent back to the original offeror
as a new, counter offer.
A legal phrase suggesting that the
party executing a document intends it to be enforceable even
if no consideration is given to her for signing.
A charge for the use of money which
is calculated on a periodic basis as a percentage of the principal
borrowed. No further interest is charged on interest accumulated
in earlier periods.
The representation of only one party
to a transaction.
A property designed for the use and
occupancy of one family group.
The location of something.
Also known as "buyers' market",
when vendors far outnumber buyers and prices fall.
SPEC HOUSE:
A new dwelling which is being built
or has been completed by a builder before a purchaser has
been found to buy it.
The levying of an additional tax on
a property for a specific purpose (i.e. to apportion the cost
of infrastructure upgrades among area land owners).
A temporary exemption from zoning use
by-laws or ordinances.
An instrument of conveyance in which
the vendor warrants she has done nothing to cloud title but
nothing further.
A piece of land specifically designed
and improved for a specific purpose -- a school or hospital.
A remedy for breach of contract, where
the breaching party is ordered to complete the contract according
to its terms.
A developer who constructs housing
without pre-selling.
:
Someone who buys property on the expectation
that its value will increase and it will be sold at a profit.
The impact of changes to or development
of one parcel of land on a neighboring or nearby parcel.
The practice of applying zoning ordinances
or bylaws to specific properties when neighboring lands may
be under a different classification.
A contract in which the borrower gives
the lender additional security for a loan by allowing it to
be lodged against other property owned by the borrower.
Method of estimating cost of construction
on the basis of the area of the building to be built.
The legal rights to occupy a property
which accrue to a person as a result of their long-time, open,
notorious and adverse possession of it.
A surveyor's method of marking the
boundaries of a property by placing a physical entity (a stake
or bar) in the ground.
The charge levied by governments on
the transfer of property.
A mortgage which has equal periodic
payments and is paid out at the end of its term.
A professional code of behavior for
real estate professionals promulgated by the National Association
of Realtors.
A small home, inexpensive, suitable
to first-time home buyers.
State levied land transfer taxes.
A filing required by the Department
of Housing and Urban Development (HUD) from a developer with
a project involving 50 or more lots who plans to market it
across several states.
The period of time after the originating
incident in which an injured party may start a legal claim
against the party who caused the injury.
A claim which may be registered against
property and is created by a law.
A slang term for a trustee who purchases
property on behalf of another who wishes to remain anonymous.
See "municipal address".
1. The creation of a number of smaller
lots out of one or more large lots for the purposes of developing
each smaller lot and selling them.
2. A newly created urban development.
Rules set out by the local government
that set out minimum requirements for approval of a new subdivision.
A term used to identify the building
being dealt with, examined or considered, as distinguished
from other buildings.
A term used to identify the property
being dealt with, examined or considered, as distinguished
from other properties.
:
An indication that title to a property
includes an obligation of some sort, an easement, right of
way, lien, right of claim. Opposite of "together with".
A term of an agreement which states
that the purchaser will assume an existing mortgage registered
on title to the property.
A rental contract between a tenant
and someone who rents from the tenant.
A tenant's tenant.
A tenant who leases the premises to
another person.
:
Real property that could not be developed
in a financially useful way.
Where a mortgage is pledged as security
for a loan to the mortgagee (the original lender).
See "secondary financing".
Placing the right of one person behind
those of another.
An agreement by the lender which allows
the current mortgage to be "postponed" or placed
behind a later mortgage in priority.
An instrument registering a change
of trustee under a deed of trust.
The conveyance of property to the heirs
of a deceased person under the laws governing intestate distribution
of assets.
A legal concept, the deemed consent
to the actions of another person which results when a person
who could be expected to react to the other person's actions
refuses to do so.
A legal action commenced to enforce
a claim or right.
A feature of a property which may not
be recognized fully in the price of the property.
An instrument conveying ownership of
land in exchange for a promise on the part of the grantee
to care for the grantor for his lifetime.
A legal document issued to assure the
completion of an act by another person.
A legal interest in the use or occupation
of the top of land. As opposed to "subsurface" or
"mineral rights".
Money gained in a mortgage enforcement
sale of property which is in excess of the money required
to satisfy the mortgage, interest, penalties, and costs.
:
To give up, to turn over something
to a person claiming interest in it.
A pictorial depiction of land and the
improvements on it. Shows boundary lines (with measurements
and bearings), buildings, sheds, easements, etc.
A professional who is trained to map
out land and improvements to land accurately.
The condition of outliving others.
Surviving joint tenants have the right to take title to the
land from a deceased joint tenant by right of survivorship.
Slang term for the contribution to
the value of a property made by manual labor.
Slang term for an added incentive to
a party to induce her to enter a transaction.
A short-term loan designed to bridge
the borrower's finances between two events. For example, a
person who buys a new home in April but cannot sell her old
home until June may require a swing loan to carry both homes
for the interim period until the old home may be sold and
the proceeds used to pay out the swing loan. Also known as
"bridge financing".
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