Canadian Maple Leaf Licensing Info: Alberta Mortgage #MW-0511205,
FSCO (Ontario) #10315,
Saskatchewan Mortgage #315872, and all other provinces.
 
Division of

The Mortgage Group®


GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Words categorized under Real-estate

Previous Page
AbandonmentBargain Sale
 
Currently Displayed — Page 2
Bedroom Community — Change Order
  Next Page
Circuit BreakerCredit Repository
bedroom communityDefinition (Real-estate)
A suburb in which most residents commute to the city to work.
bettermentDefinition (Real-estate)
An improvement or replacement that increases a property's value.
bidding warDefinition (Real-estate)
Multiple, competing offers for a piece of property or item that escalate the price. Usually results in a happy seller.
bilateral contractDefinition (Real-estate, Financial-banking, Legal-contracts)
A legal agreement in which both parties promise to give each other something. A purchase agreement in which the buyer promises to give money and the seller promises to transfer property is a bilateral contract.
bill of sale (BS)Definition (Real-estate, Legal-contracts)
A written document that serves as evidence of the transfer of title to personal property.
binderDefinition (Real-estate, Legal-contracts)
An agreement to consider the purchase of real estate. The agreement is secured and backed by a cash deposit as evidence of good faith on the part of the purchaser.
blighted areaDefinition (Real-estate)
An ugly, run-down neighbourhood.
blueprint (bprt)Definition (Real-estate, Abbreviation)
The drawing of a structure by an architect or designer, used for construction and getting permits.
board footDefinition (Real-estate)
A measurement of lumber equivalent to 1 inch thick, 1 foot long, 1 foot wide.
bona fideDefinition (Real-estate, Legal-contracts)
In good faith. In real estate, a bona fide purchaser or seller has the legal right to give or receive title.
bonus room (bns rm)Definition (Real-estate, Abbreviation)
A large multi-purpose room found in newer or larger homes.
book valueDefinition (Real-estate, Insurance, Financial-banking, Legal-contracts)
The value of a property, item or company as a capital asset based on its cost plus any additions, subtracting depreciation.
bootDefinition (Automotive, Real-estate, Financial-banking)
Cash or other property used in an exchange to make the values of property traded equal. For instance, if you trade in a delivery truck on a new model, the cash you pay in addition to your old truck is boot.
borrowDefinition (Real-estate, Financial-banking)
To get a loan of money.
borrow pitDefinition (Real-estate)
A hole from which topsoil, gravel, or other material is removed for use in a construction project.
boundaryDefinition (Real-estate)
The line dividing adjacent properties.
breach of covenantDefinition (Real-estate, Legal-contracts)
Violation of a promise made in a contract or property deed.
breach of warrantyDefinition (Real-estate, Legal-contracts)
A determination that a seller cannot pass clear title of property to a buyer.
break-even point (BEP)Definition (Mortgages, Real-estate, Financial-banking)
The point at which expenses meet income or savings. In home finance, the break-even point often refers to the time it takes to recoup the costs of refinancing a loan or paying discount points.
bridge financingDefinition (Mortgages, Real-estate, Financial-banking)
A short-term, high interest loan that allows a seller to purchase a new property before selling an existing property.
bridge loanDefinition (Mortgages, Real-estate, Financial-banking)
A loan that "bridges" the gap between the purchase of a new home and the sale of the borrower's current home. The borrower's current home is used as collateral and the money is used to close on the new home before the current home is sold. Some are structured so they completely pay off the old home's first mortgage at the bridge loan's closing, while others pile the new debt on top of the old. They usually run for a term of six months.
broker (Bkr)Definition (Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation, Legal-contracts)
A person or firm who acts on behalf of another.
broom cleanDefinition (Real-estate)
Ready to be cleaned and painted. The term does not mean immaculate or spotless or entirely clean.
buffer stripDefinition (Real-estate)
This refers to a parcel or stretch of land that separates two pieces of property.
builder upgradesDefinition (Real-estate)
Refined features or materials that a builder offers for an extra charge.
building and loan associationDefinition (Mortgages, Real-estate)
A financial institution designed to help members finance real-estate transactions.
building code (BC)Definition (Real-estate)
Regulations that govern design and materials used in construction.
building inspectorDefinition (Real-estate)
A local government employee who enforces the building code and makes sure construction and renovation work is done properly.
building moratoriumDefinition (Real-estate)
A temporary or permanent halt on construction.
building permit (BPmt)Definition (Real-estate, Abbreviation)
Authorization by a local government to construct or repair a structure.
building restrictionsDefinition (Real-estate, Legal-contracts)
Local regulations that limit the size, height, materials, colours, uses, locations, placement and other characteristics of houses.
built-insDefinition (Real-estate)
Items, such as appliances and cabinets, that are permanently attached to a building.
bundle of rightsDefinition (Real-estate, Legal-contracts)
A set of legal rights that an owner has regarding a property.
buyer brokerDefinition (Real-estate)
One who earns a commission from the buyer of a property in exchange for finding a seller and assisting in negotiation.
buyer's marketDefinition (Investments, Real-estate, Financial-banking)
When market conditions favour the buyer.
bylawsDefinition (Real-estate, Legal-contracts)
The written rules governing an organization such as a homeowners association.
capital expenditureDefinition (Investments, Real-estate, Financial-banking)
The cost of making an improvement to a property.
capital improvementDefinition (Investments, Real-estate, Financial-banking)
Any permanent structure or other asset added to a property that adds to its value.
capital investmentsDefinition (Investments, Real-estate, Financial-banking)
Money used to purchase permanent fixed assets for a business, such as machinery, land or buildings as opposed to day-to-day operating expenses.
capitalization rateDefinition (Investments, Real-estate, Financial-banking)
An estimated percentage rate of return that a property will produce on the owner's investment.
caravanDefinition (Real-estate)
An outing in which a group of real-estate agents look at houses that have been listed for sale recently.
carport (cprt, crprt)Definition (Real-estate, Abbreviation)
A roofed parking area that lacks one or more walls.
carrying costsDefinition (Mortgages, Real-estate, Taxation, Financial-banking)
The cost of maintaining a property.
cash methodDefinition (Real-estate, Taxation, Financial-banking)
The form of accounting in which you report income in the actual year you receive it and deduct expenses in the year you pay. Most individuals use this method. Under this system, if you built a deck and billed the client in December 1999 but didn't receive the cheque until January 2000, it would be counted as 2000 income, not 1999.
caveatDefinition (Real-estate, Legal-contracts)
To give warning, notice or caution; beware.
certificate of occupancy (CO)Definition (Real-estate, Legal-contracts)
Authorization by a local government giving permission for someone to live in or use a building that has just been constructed or renovated.
  ➥  Zoning bylaw.
certificate of saleDefinition (Real-estate, Legal-contracts)
An affidavit issued at a judicial or tax sale that entitles the buyer to the deed to the property purchased after court confirmation.
certificate of titleDefinition (Real-estate, Legal-contracts)
A written document stating that the title to a piece of property is legally vested in the present owner.
chain of titleDefinition (Real-estate, Legal-contracts)
Legal records that trace ownership of a property from the most recent owner to the original owner.
change orderDefinition (Real-estate, Legal-contracts)
A document defining an alteration of construction plans.
Previous Page
AbandonmentBargain Sale
 
Currently Displayed — Page 2
Bedroom Community — Change Order
  Next Page
Circuit BreakerCredit Repository

Search the Glossary

Index of Real-estate Terms

Page 1: Abandonment
Bargain Sale
Page 2: Bedroom Community
Change Order
Page 3: Circuit Breaker
Credit Repository
Page 4: Cul-De-Sac
Fixed Time
Page 5: Fixer-upper
Land Title
Page 6: Land Titles System
Open House
Page 7: Open Listing
Single-Family Detached Home
Page 8: Speculation Builder
Zoning

Notable Terms

Mortgage Rates
Mortgage rates are at the lowest they've been in years. Lock in while you still have a chance to take advantage of these historically low rates.
Mortgage Rates
 
Brokers Compare Mortgage Rates
Think the mortgage rate that your bank offered you looks a little high? You're probably right. Unlike a with a mortgage broker, your bank won't shop around for the best rate on the market. Click or tap on the mortgage rate comparison link below and check out the difference for yourself.
Mortgage Rates
 
Easy-to-Use Mortgage Calculator
Want to know what your remaining balance is at the end of your mortgage term? Just try our simple to use mortgage calculator and find out.
Pen On Calculator