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Canadian Financial, Real Estate and Mortgage Glossary

Words categorized under Real-estate

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circuit breakerDefinition (Real-estate, Taxation)
A tax credit that reduces property taxes for the elderly and permanently disabled. The credit is dependent on the amount of income earned which means the more you make, the lower the credit.
classified property taxDefinition (Real-estate, Taxation, Financial-banking)
A local government's levy on real estate that varies depending on the use of the property. Usually, commercial property is taxed more heavily than residential property where a classified property tax exists.
clear titleDefinition (Real-estate, Legal-contracts)
Title not burdened by liens or legal questions.
closingDefinition (Mortgages, Real-estate, Legal-contracts)
In real estate, the delivery of a deed, the payment of the purchase price, the signing of notes, and the paying of closing costs, which completes a real estate transaction.
closing costsDefinition (Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.
closing date (cloda)Definition (Investments, Mortgages, Real-estate, Financial-banking)
The date a buyer takes possession of a property title.
cloud on titleDefinition (Real-estate, Financial-banking)
A claim on title to property that could impair the ability to transfer ownership.
cluster developmentDefinition (Real-estate)
A doctrine by which a local government specifies the population density of a planned development, and the developer has the option of making some areas of the development more densely populated than others.
co-housingDefinition (Real-estate)
Also called cooperative housing and community housing, is an arrangement in which dwelling units have access to a shared space with a large kitchen, dining hall, laundry and children's play areas.
collateralDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
Any property pledged as security for repayment of a debt.
collusionDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A secret, deceitful agreement by two or more parties to defraud others.
commercial propertyDefinition (Real-estate, Financial-banking)
A parcel in a district zoned for business.
commission (comm)Definition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation)
A fee paid to a salesperson for selling a product to a customer.
commitmentDefinition (Mortgages, Real-estate, Financial-banking)
A written agreement from a lender promising to lend money on certain terms for a specified time period.
commitment letterDefinition (Real-estate)
A formal offer by a lender which states the terms under which it agrees to lend money to a home buyer. Also known as a "loan commitment." This letter will indicate the contingencies that must be cleared prior to funding the loan.
common area assessmentDefinition (Real-estate)
A levy against individual unit owners in a condominium or planned unit development to pay for upkeep, repairs, and improvements to the property's common areas, such as hallways, elevators, parkades, swimming pools, and gym facilities.
common areasDefinition (Real-estate)
Areas of a building or land and the amenities owned (or managed) by a planned unit development, or condominium project's homeowners' association, or a cooperative project's cooperative corporation that are used by all of the unit owners who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common hallways of buildings, parkades, means of ingress and egress, etc.
common interest development (CID)Definition (Real-estate)
A housing area in which owners belong to a homeowners association that owns and maintains common areas.
common law marriage (CLM)Definition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
To be recognized as being married without foregoing a matrimonial ceremony.
community property (CP)Definition (Real-estate)
Possessions, real estate and profits that a husband and wife receive during the marriage, excluding gifts and inheritances. Upon divorce, community property is distributed equally.
comparablesDefinition (Mortgages, Real-estate)
Refers to "comparable properties," which are used for comparative purposes in the appraisal process.
comparative market analysis (CMA)Definition (Real-estate)
A method of estimating a property's value by comparing the sales prices of similar properties that have sold recently.
condemnationDefinition (Real-estate)
The act of condemning (as land forfeited for public use) or judging by a government to be unfit for use.
conditional sale (C/S)Definition (Real-estate)
An agreement between the buyer and seller in where certain conditions must be met before the property sale can be finalized.
condominium (condo)Definition (Real-estate, Abbreviation)
A structure of two or more housing units. The interior space of the units are individually owned. The balance of the property (land, building and other amenities) is owned in common by the owners of the individual units.
condominium conversionDefinition (Real-estate)
When an existing building such as a rental project changes to the condominium form of ownership.
condominium feesDefinition (Real-estate)
Monthly maintenance fees paid for by condo owners. It is used to cover the cost of repairs, landscaping and building amenities.
construction budgetDefinition (Real-estate)
Money that the builder sets aside for building a structure.
construction loanDefinition (Mortgages, Real-estate, Financial-banking)
A short-term interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.
construction to permanent loanDefinition (Mortgages, Real-estate, Financial-banking)
A loan that finances the construction, then for a long-term, traditional mortgage, as distinct from a construction loan followed by a separate mortgage loan.
contiguous lotsDefinition (Real-estate)
Pieces of real estate that are next to each other.
contingencyDefinition (Real-estate, Legal-contracts)
A condition that must be met before a property sale can be completed, such as a home inspection or mortgage approval.
contractDefinition (Real-estate, Legal-contracts)
An agreement between two or more parties that can be enforced by law.
contract for deed (CFD)Definition (Real-estate, Legal-contracts)
An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
contract holderDefinition (Investments, Real-estate, Insurance, Financial-banking, Legal-contracts)
The entity that holds the rights to a obligation or debt.
contract to purchaseDefinition (Real-estate, Legal-contracts)
A document in which a property's buyer and seller approve the price and other terms of the transfer of title. Also known as an agreement of sale, a purchase contract or a sale contract.
contractorDefinition (Real-estate)
One who constructs or oversees construction of a house or a large renovation.
contractual lienDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A legal claim against property as a result of a voluntary contract, such as a mortgage.
contributing propertyDefinition (Real-estate)
Buildings within a historic district are either contributing or non-contributing properties with regards to historic value.
controlled growthDefinition (Real-estate)
A set of restrictions set by local government that governs the amount, type and density of new construction.
conveyanceDefinition (Real-estate, Legal-contracts)
To move something.
conveyance taxDefinition (Real-estate, Taxation)
A tax on the transfer of real property.
cooperating brokerDefinition (Real-estate)
A real-estate broker who finds a buyer for a property and initiates a negotiation and shares in a commission.
cooperativeDefinition (Real-estate)
A residential project owned by a cooperative corporation. Residents own shares in the cooperation, which in turn gives them the right to live in the project.
corrective workDefinition (Real-estate)
Repairs or maintenance that a buyer requests be done on a house before closing.
cost-plus contractDefinition (Real-estate)
An agreement in which a construction contractor receives a fee based on a percentage of all costs paid for labour and materials.
counterofferDefinition (Real-estate, Financial-banking)
Rejection of a purchase offer by submission of another offer with different terms (such as price or closing date). A step in the negotiating process.
covenantDefinition (Real-estate, Legal-contracts)
A promise made in a contract or property deed.
covenantorDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A person who promises to be responsible for the repayment of a loan.
credit repositoryDefinition (Mortgages, Real-estate, Financial-banking)
Another term for a credit bureau.
Previous Page
Bedroom CommunityChange Order
Currently Displayed — Page 3
Circuit Breaker — Credit Repository
  Next Page
Cul-De-SacFixed Time

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

Notable Terms

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