A small rental dwelling unit which
combines living and bedroom spaces into one room (and, sometimes,
kitchen space as well). Also known as "efficiency suite"
or "studio apartment".
A comparison of a borrower's monthly
expenses to her gross monthly income used to assess her
ability to carry a mortgage or other loan.
Notice by a Title Insurance Company
to a person searching and certifying title that a previous
search has been completed, setting out the status of title
of the property as at a given date such that the person
searching need only up-date the search.
An Agreement of Purchase and Sale
for a particular property which is conditional (becomes
binding) upon the failure of another Agreement for the same
property.
Often as in "balance due",
the amount of principal on a loan remaining to be paid at
any given time.
A table of figures showing the assets,
liabilities and net worth of a person or corporation on
a given date.
A loan which is repaid by a series
of small, periodic payments until a given date, when either
the balance comes due in a single, large payment or the
amount of the payments rises significantly.
The single, large payment which pays
out the balance due on a balloon mortgage.
A noun or adjective. Noun - a person
or business which has made an assignment in bankruptcy or
has been petitioned into bankruptcy. Adjective - owing more
money than you have assets or income to repay.ck
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The state of being unable to pay
your debts such that you submit yourself to the protection
of the state. A person or business may voluntarily assign
himself into bankruptcy or may be petitioned into bankruptcy
by his creditors. Once in bankruptcy, the person surrenders
his assets to a trustee in bankruptcy who sells the assets
for the benefit of the bankrupt's creditors, first secured
creditors then unsecured creditors. Once a person is discharged
from bankruptcy, none of his former creditors may pursue
him for his former debts.
The set rent payable by a tenant
under a lease, to which is added Additional rents as required
by the lease (for common area maintenance, for example,
or for utilities).
One 100th of 1%.
A valuable document (a bond or other
security) which does not bear the name of its legal owner;
may be redeemed by whoever is in possession of it.
A neighborhood or area which offers
little in the way of employment opportunities but plenty
of housing, similar to a "suburb" or commuter
town.
Gross amount of money available for
the use of the owner before taking into consideration taxes.
:
A person or corporation's gross earnings
before taxes are deducted.
A subsidized interest rate on a mortgage
or loan, often provided by a government to allow for acquisition
of property or reduction in rents charged to tenants.
A permanent feature on land which
is used as a point of reference for a land surveyor.
A person or corporate entity entitled
to receive money or assets from a trust or an estate under
a will.
To leave an item of personal property
to a certain person in a will (see "Devise", which
refers to gifts of land in this context).
The item bequeathed under a will.
The improvement of real estate that
results in a rise in market value. Also, a legal concept
of civil law: when a court award, judgment or order in favor
of an injured party places that party in a better position
than he would have been had his original injury never taken
place.
Or semiannual. Occurring every six
months or twice per year.
An offer of a certain amount of consideration.
Occurring once in every two years.
A contract which has a balance of
consideration promised by the parties, where each promises
performance of the contract.
A description of a house with two
levels, where the main entrance to the house is between
the two levels.
Documentary evidence that title to
personal property (chattels) has passed to the Purchaser
for valuable consideration.
1. A written commitment from an insurance
company to insure a property or a certain risk; or
2. A preliminary agreement to purchase a property accompanied
by a forfeitable deposit which is lost if the purchaser
does not complete the purchase of the property.
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A loan which features payments equaling
one half of the usual monthly payment made every two weeks
(to total 26 in a year), thus substantially reducing the
life of the mortgage and the interest payable over the life
of the mortgage.
A single insurance policy that applies
to more than one person or property.
:
Where one loan is secured against
more than one parcel of land.
Created when an old loan is refinanced
and extended at an interest rate which is different from
the original rate: the old debt is still payable at the
old rate; the new debt is payable at the new rate; the total
amount of the debt is payable at a rate of interest that
is somewhere between the two rates.
An area of a community where the
infrastructure and buildings have been allowed to decay.
Construction plans, containing great
detail about the particular building.
United States government body with
a mandate to assure uniform property tax assessments.
A standard clause or provision in
a contract which appears in all similar contracts.
Made in good faith, at fair market
value, without deceit or fraud.
1. A sum of money paid into court
as an assurance of the performance of some requirement or
as security for payment on a claim. May be used to allow
for the removal of a claim for lien from a property while
the court action over the lien continues.
2. An interest-bearing instrument.
The person or company that receives
money from a lender (often a bank, credit union or trust
company) in exchange for a written promise to pay and a
registered lien on property.
Low lying land, near a water course
or in a valley or similar geographic contour.
Edge or limit of a property. See
"property line".
A failure to meet one's obligations,
whether under a contract or otherwise. A breach of contract
allows the innocent party to enforce the contract, rescind
the contract or sue for damages.
Also known as a "swing loan",
a loan used to fill a gap in financing, often between the
purchase of a new home and the sale of the old one. If the
purchase closes before the sale, the home owner needs to
borrow enough money to pay for the new house for the period
of time before the equity in his old house comes available
as a result of the completion of the sale.
A unit of heat or cooling. That required
to change the temperature of a pound of water by one degree
Fahrenheit.
An intermediary who brings parties
together for specific purposes. A mortgage broker brings
borrowers together with lenders; a real estate broker brings
purchasers together with vendors. Often charges a percentage
of the contract price as a fee. Specific training required
to become a Real Estate Broker, a professional designation.
:
A nineteenth-century-style row house,
with up to five stores and a front stoop, verandah or porch
leading up to the front door.
A mortgage in which the borrower
is required to make periodic payments not only for interest
and principal, but also for insurance premiums and realty
tax installments.
An area of land specifically designed
to separate one zoning use from another, such as separating
a residential neighborhood from an industrial area.
An offer by a landowner to develop
the land in a manner dictated by a potential tenant, in
return for a long-term lease from the tenant for the developed
land.
An enforceable guarantee of the quality
of construction given by a builder or developer.
Set of regulations established by
a municipality to govern the standards of construction in
that municipality.
The minimum distance a building or
other improvement may be constructed from a property line.
May be established by agreements, title documents or municipal
by-laws or ordinances.
A document obtained from the local
government, allowing for the construction of a structure
in accordance with the terms of the permit.
Limiting rules which may appear in
building codes or in title documents which control the size,
placement, materials, design or location of new construction.
Items which could be chattels but
which are installed so as to form part of a building.
A small, one-story home built in
a turn of the century style, often with a prominent front
verandah.
A day in which normal business is
transacted. Generally, Monday to Friday but not weekends
or holidays.
A contract between a purchaser and
vendor in which the vendor agrees to repurchase the property
from the purchaser if a certain event occurs within a specified
period of time. The buy-back price is usually set out in
the agreement.
The payment of extra money on a loan
now so as to reduce the interest rate over a given period
or over the life of the loan. This extra payment may be
made by the borrower, by the lender (as an incentive to
the borrower to borrow from the lender) or by the vendor/builder
(as an incentive to the borrower to buy a certain property).
A real estate broker who contracts
to represent the interests of a person wishing to purchase
a home. (see also "selling agent", "Purchaser's
agent").
A condition of the real estate market
where there are more properties for sale than people interested
in buying them. Buyer's have more choice and less competition
for the available properties, resulting in lower prices.
A pact between partners in a business
or shareholders in a company, obliging one to buy the other's
interest (and obliging the other to sell) upon the occurrence
of some event stated in the agreement.
Rules enacted by a governing body
of general application.
