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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Words categorized under Real-estate

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speculation builderDefinition (Real-estate)
A developer that builds houses without a commitment from a purchaser.
speculation homeDefinition (Real-estate)
A house built before a buyer has been found, on the assumption that one will be found.
square footageDefinition (Real-estate)
The area within a building, calculated by measuring the rooms by length and width.
starter homeDefinition (Real-estate)
A dwelling that is relatively small and inexpensive and bought as a first home.
statute of frauds (SOF)Definition (Real-estate, Legal-contracts)
A law which provides that certain contracts must be in writing to be enforceable at law. This includes real estate contracts.
step down leaseDefinition (Real-estate, Financial-banking)
A lease providing for decreases in rental payment at specified dates.
step up leaseDefinition (Real-estate, Financial-banking)
A lease providing for increases in rental payment at specified dates.
studyDefinition (Real-estate)
A room used for reading or work
subagentDefinition (Real-estate)
A real estate agent who finds a buyer for a property, and is not the property's listing agent. The subagent usually earns a portion of the commission.
subcontractorDefinition (Real-estate)
A person or company that does specialty work for a general contractor.
subdivideDefinition (Investments, Real-estate)
To split something (like a plot of land) into smaller sections.
subletDefinition (Investments, Real-estate, Legal-contracts)
An arrangement where a tenant leases property to a subtenant.
survey (srvy)Definition (Real-estate, Abbreviation)
A map executed by a licensed surveyor, which sets down precisely the boundaries of a given property as well as improvements, references to known landmarks, and the property's notable features.
  ➥  As in surveyed land.
takeout mortgage loanDefinition (Mortgages, Real-estate)
A long term mortgage loan that is advanced to borrower on completion of construction or in compliance with any other conditions in the loan commitment. The funds are normally used to pay off or take out the construction lender.
Tax Instalment Payment Plan (TIPP)Canada
A popular property tax payment plan that allows you to pay your taxes monthly without any penalties or additional charges.
tax lienDefinition (Mortgages, Real-estate, Taxation, Financial-banking)
A claim, or obstacle, to the sale of property because of unpaid taxes. The property's title can't be transferred until liens are paid.
tax saleDefinition (Real-estate, Taxation)
A government sale of property to recover unpaid taxes.
tear-down conditionDefinition (Real-estate)
A house that is bought so it can be razed to make room for a newer house; usually located in a spectacular setting.
tenancy by the entirety (TBE)Definition (Estate-management, Real-estate, Financial-banking)
An arrangement where spouses have an undivided interest in a property. If a spouse dies, the other retains ownership.
tenancy in commonDefinition (Estate-management, Real-estate)
Ownership by two or more people in which each person owns an undivided interest in the entire property and all have equal rights to use the property. When one tenant in common dies, that person's interest may be sold, mortgaged or transferred to another in a will.
tenantDefinition (Real-estate, Financial-banking, Legal-contracts)
One who rents property.
tenureDefinition (Real-estate)
The act, fact, or condition of holding something in one's possession such as real estate. A period during which something is held.
timeshareDefinition (Real-estate)
A form of multiple ownership of a piece of property in which each owner has access to the property for a period during the year. Most timeshares are vacation homes in resort areas.
titleDefinition (Real-estate, Legal-contracts)
Evidence of a person's right to possession ownership of a property.
title companyDefinition (Real-estate)
A company that checks a property's title for liens and other obstacles to sale, fixes any clouds to title, supervises the closing transaction, and makes sure that money transfers in a purchase are processed correctly.
title defectDefinition (Real-estate, Legal-contracts)
A legal claim by others to property, or the right to make demands upon an owner.
title insuranceDefinition (Real-estate, Insurance)
Insurance that covers title defects and ownership challenges on a property.
title reportDefinition (Mortgages, Real-estate, Insurance, Legal-contracts)
A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."
title searchDefinition (Real-estate, Legal-contracts)
A check of public records to make sure that the owner of real property has the right to transfer ownership. A title search is designed to spot gaps in the chain of title, liens, problems with the legal description of the property, judgements against the owner, and the like.
torrens systemDefinition (Real-estate)
A system that is provided by Provincial law for the registration of land titles. The system records the state of the title, including ownership and encumbrances without the necessity of an additional search of the public records. Also known as the "Land Titles System."
townhouse (th, town, twnhse)Definition (Real-estate, Abbreviation)
A house that is attached to or built close to other houses.
trade equityDefinition (Mortgages, Real-estate, Financial-banking)
A swap of property, such as real estate or a car, as part of a down payment for other real estate.
trading downDefinition (Real-estate)
Selling a more-expensive house to buy a less-expensive dwelling.
trading upDefinition (Real-estate)
Selling a house to buy a more-expensive house.
transfer of title (TOT)Definition (Mortgages, Real-estate)
A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.
triplexDefinition (Real-estate)
One building that contains three housing units.
type 'a' propertyDefinition (Mortgages, Real-estate)
Residential property that is centrally heated and accessible year-round.
type 'b' propertyDefinition (Mortgages, Real-estate)
Property that may not be centrally heated or may only be seasonally accessible.
underwriting (UW)Definition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
Assessing individuals for eligibility and issuing and distributing a financial product such as insurance, equity capital or credit.
upgradesDefinition (Real-estate)
Options that allow buyers of newly built houses to select higher-quality floor coverings, cabinets, windows and other amenities for more money.
upside-downDefinition (Automotive, Mortgages, Real-estate, Financial-banking)
A position that consumers find themselves in when the outstanding balance of a loan is higher than the current fair market value of the property purchased with the loan. See also "Depreciation."
upzoningDefinition (Real-estate)
The process, often controversial, of changing the zoning in an area, usually to allow greater density or commercial use. Sometimes the term is used to mean the opposite -- changing the zoning in a broad area to limit growth and density.
useful lifeDefinition (Real-estate, Financial-banking)
The number of years depreciable business property is expected to be productive and in use.
valuationDefinition (Investments, Real-estate, Insurance, Financial-banking)
The estimation of a property's price value through an appraisal.
vendorDefinition (Real-estate, Financial-banking)
The seller of a property.
vendor take backDefinition (Mortgages, Real-estate, Financial-banking)
Where the seller of the property provides all or some of the financing in order to sell the property.
walk-throughDefinition (Real-estate)
A buyer's final inspection of a property, usually on the day of closing or the day before.
warrantyDefinition (Real-estate, Financial-banking, Legal-contracts)
A document certifying clear title to a property.
zoningDefinition (Real-estate)
Areas within a city limits in which certain types of land uses are allowed. For example, a zoning ordinance might permit houses but not factories in a neighbourhood.
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Open ListingSingle-Family Detached...
 
Currently Displayed — Page 8
Speculation Builder — Zoning
 

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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Credit card interest rates average at around 18.9 per cent. You, like many other Canadians, may have over ten thousand dollars charged to your credit card, but, if you only make the minimum required monthly payment of 2 per cent ($200 the first month) that $10,000 in credit card debt will ultimately take more than 57 years and cost around 40,000 dollars to fully pay off.

Using a home equity loan will allow you to eliminate the high interest credit card (and by eliminate we mean cut up) and consolidate the debt to a low interest rate mortgage payment.