Balance Due on Completion:
of money the purchaser will be required to pay to the vendor to
complete the purchase, after all adjustments have been made.
combination of two mortgages, one with a higher interest rate than the
other, to create a new mortgage with an interest rate somewhere between
the two original rates.
or regular mortgage payments consisting of both a principal and an
component. With each successive payment, the amount applied to interest
decreases and the amount applied to the principal increases, although
total payment doesn't change during the term.
sum of money paid to the lender for the prepayment of a closed mortgage
in part or in full prior to maturity of the term.
person licensed by the provincial or territorial government to trade in
certificate that must be obtained from the municipality by the property
owner or contractor before a building can be erected or renovated.
A line fixed at a certain distance from the front and/or sides of a building lot, beyond which no building can project.
Any undertaking for the purpose of profit, including any interest in any such undertaking.
Agent (also known as "Purchaser's Agent"):
person or firm representing the buyer.
the seller reduces the interest rate on a mortgage by paying the
between the reduced rate and market rate directly to the lender, or to
the purchaser, in one lump sum or monthly installments.
written contractual agreement in which an agent commits to provide
necessary to secure a transaction and the purchaser commits to working
exclusively with that agent for a specified time period.