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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Words categorized under Real-estate

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cul-de-sac (Cldsc, Culd)Definition (Real-estate, Abbreviation)
A dead-end street, often with a broad circle at the end.
curable defectDefinition (Real-estate)
A problem with a property that can be remedied. Peeling paint is a curable defect, but location in a crime-ridden neighbourhood is not.
curb appealDefinition (Real-estate)
The look of a house when viewed from the street.
current market value (CMV)Definition (Mortgages, Real-estate, Insurance, Financial-banking)
The estimated price determined by the recent sale of similar properties.
curtain wallDefinition (Real-estate)
A non-lead bearing exterior wall.
custom builderDefinition (Real-estate)
A contractor that constructs or remodels houses based on plans submitted by the client.
custom homeDefinition (Real-estate)
A house built according to plans from an architect hired by the owner.
days on market (DOM)Definition (Real-estate)
The period between listing and sale, or listing and a property being taken off the market.
deed (D)Definition (Real-estate)
A document that provides title to property and is filed with a country recorder.
  ➥  Used to transfer ownership of assets, often land or automobiles.
denDefinition (Real-estate)
An additional small room within a home often used as an office.
depositDefinition (Mortgages, Real-estate, Financial-banking)
An act of putting a sum of money in to a bank account.
depreciationDefinition (Investments, Real-estate, Insurance, Financial-banking)
The gradual loss of value of a building or other property because of age or natural wear.
depressionDefinition (Investments, Real-estate, Financial-banking)
A prolonged downturn in the economy and level of business activity.
detached (det, detd)Definition (Real-estate, Abbreviation)
Something that is not affixed to a property.
  ➥  As in detached garage.
detached structureDefinition (Real-estate)
A building that is not attached to another building.
developerDefinition (Real-estate)
To develop or create something.
dimension plansDefinition (Real-estate)
Diagrams that show location of building outlines and other improvements on a lot, but which are not as detailed as blueprints.
disclosureDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A statement listing potential defects to a property, such as the possible existence of lead paint or radon.
distressDefinition (Mortgages, Real-estate, Financial-banking)
The right of one party to sell real or personal property belonging to another party to pay unpaid or overdue debt.
distressed propertyDefinition (Real-estate, Financial-banking)
Property that is in poor condition, or whose owner is in poor financial condition.
domicileDefinition (Real-estate, Legal-contracts)
A person's permanent residence.
draw mortgage (DM)Definition (Mortgages, Real-estate)
A periodic payment made to a construction contractor or subcontractor as work progresses. A draw is part of a construction mortgage.
  ➥  See Progress Advance Mortgage (PAM).
dry rotDefinition (Real-estate)
A fungal decay that causes lumber to crumble.
drywallDefinition (Real-estate)
Panels of gypsum plaster wrapped in thin cardboard and attached to the house framing to create interior walls.
dual agencyDefinition (Real-estate)
When a real-estate agent or broker represents both parties in a transaction.
dual agentDefinition (Real-estate)
A real estate agent who acts for both parties in a property sale.
duplex (dup)Definition (Real-estate)
One building that contains two housing units.
  ➥  A two-unit complex.
early occupancyDefinition (Real-estate)
A condition in which the seller allows the buyer to move in before the sale is closed.
earnest money deposit (EMD)Definition (Real-estate)
Money given by a buyer when making a formal offer to demonstrate that the buyer is serious. Also called a deposit.
  ➥  A down payment.
easementDefinition (Real-estate, Legal-contracts)
Giving persons other than the owner access to or over a property.
effective ageDefinition (Real-estate, Insurance, Financial-banking)
An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
empty nestersDefinition (Estate-management, Real-estate)
Men or women whose children have grown up and moved out and who might be in the market for a smaller house.
en suiteDefinition (Real-estate)
An en suite is a bathroom that is entered directly from ones.
encroachmentDefinition (Real-estate, Legal-contracts)
An improvement, such as a fence, that illegally extends onto another property or impedes the neighbour's use of that property.
encumbranceDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
Anything that affects or limits the clear and free title to a property, such as mortgages, leases, easements, or restrictions.
environmental impact statement (EIS)Definition (Real-estate, Financial-banking, Legal-contracts)
A government-required evaluation of how construction will affect the environment surrounding a site.
escrowDefinition (Mortgages, Real-estate, Taxation, Financial-banking)
An account in which money for property taxes and insurance is held until paid. Money is added to the account every time a mortgage payment is made.
escrow agentDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A neutral third party who holds the documents and money in a real-estate transfer until all conditions are met.
estateDefinition (Investments, Estate-management, Real-estate, Financial-banking, Legal-contracts)
The ownership interest of an individual in real property.
evictionDefinition (Real-estate, Legal-contracts)
The act of kicking someone out of a property, usually for violating terms of a lease.
examination of titleDefinition (Real-estate, Legal-contracts)
A review of public records and title abstracts to determine the chain of ownership of a property.
exchangeDefinition (Mortgages, Real-estate, Taxation, Financial-banking)
A trade of property for other property or services. Like-kind property exchanges are a popular tax-deferral strategy.
exclusive listingDefinition (Real-estate, Legal-contracts)
A legal agreement giving one real-estate agent the right to sell a property for a specified period, but owners retain the right to sell their property themselves without paying the agent commission.
expropriationDefinition (Real-estate)
The seizing of property to the government or other party for public use or economic development.
fair market value (FMV)Definition (Real-estate)
The highest price that a buyer would pay for a property and the lowest price a seller is willing to accept.
fee simpleDefinition (Real-estate, Legal-contracts)
Outright ownership of real estate, free of any liens or other claims against title.
fee simple defeasibleDefinition (Real-estate, Legal-contracts)
When a person has outright ownership of real estate (free of any liens or other claims against title), but the use of the property is restricted.
field changesDefinition (Real-estate)
Modifications made to a building on-site.
finder feeDefinition (Investments, Mortgages, Real-estate, Insurance, Financial-banking)
A fee paid by a party to another for services rendered.
fixed timeDefinition (Real-estate)
The time of year when the owner in a timeshare arrangement is scheduled to have occupancy.
Previous Page
Circuit BreakerCredit Repository
 
Currently Displayed — Page 4
Cul-De-Sac — Fixed Time
  Next Page
Fixer-upperLand Title

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

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