Property taxes and/or utility bills (electricity, gas, fuel), condominium common expenses, if any, that have been prepaid by the vendor are pro-rated and paid by the purchaser to the vendor on closing. This can involve an expenditure of several hundred dollars payable when the sale is completed.
The number of years it takes to repay the entire amount of a mortgage. The conventional amortization period for a mortgage is anywhere between 15 and 25 years. The shorter the amortization period, the less interest you have to pay.
The act or process of estimating value. In real estate this is an estimate of a property's market value used by lenders in determining the amount of the mortgage. This value may or may not match the purchase price of the home. The process of appraising is complex due to many factors that affect the value of real estate.
The increase of a property's value over time.
Something vhich is outside the real property itself, but belongs to the land and is joined thereto. It adds to greater enjoyment of the land. A right-of-way is an appurtenance.
Asking (list) price:
The price placed on the property for sale by the seller.
The value of a property, set by the local municipality, for the purposes of calculating property tax.
Assignment of Interest:
A legal assignment of interest in a mortgage to have full legal effect without having to discharge and re-register the existing one. Assignment of interest is particularly useful in:
- Switch situations, where the costs of transferring lenders would otherwise be very high.
- Second mortgage situations where a postponement may be difficult to obtain.
A mortgage held on a property by the seller that can be taken over by the buyer, who then accepts responsibility, for making the mortgage payments.
A legal document signed by a home buyer which requires the buyer to assume responsibility for the obligations of a mortgage made by a former owner.
If you currently own property and are thinking of placing it on the market, get informed about preparing your home for sale, pricing your property appropriately, marketing it effectively and learn everything you can about sale process so you can maximize your chances. Read more...
Credit scoring model seeks to quantify how likely the consumers are to pay off their debt without being late. The more your credit file demonstrates that you pay your debt on time, the more desirable you become as a potential customer. The higher the client's score is, the less likely they are to default on their loan.
Boost your curb appeal (tidy up the garden, mow lawn, plant blooming flowers, wash front windows, clean patio, powerwash walkways and siding, etc.). Most potential buyers will do a quick drive-by first, often deciding on the spot if it is even worth a look inside.
Clean your house until it sparkles. From gleaming windows, clean counters to shining floors, clean everything and get rid of all odours if you want to sell fast and help your property put its best foot forward. It will also make your property more appealing and allow viewers to imagine living there.
Clear away all clutter, it is very important and well worth the trouble. You may have to rent an offsite storage (or your friend's garage) temporarily, but it is well worth the trouble. Declutered cupboards, closets and rooms equal more space in the eyes of potential buyers.
If you think hiring a professional is expensive, wait until you hire an amateur."