Balance Due on Completion:
The amount of money the purchaser will be required to pay to the vendor to complete the purchase, after all adjustments have been made.

Blended Mortgage:
A 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.

Blended Mortgage Payments:
Equal or regular mortgage payments consisting of both a principal and an interest component. With each successive payment, the amount applied to interest decreases and the amount applied to the principal increases, although the total payment doesn't change during the term.

Breakage Costs:
A 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.

A person licensed by the provincial or territorial government to trade in real estate.

Building Line:
A line fixed at a certain distance from the front and/or sides of a building lot, beyond which no building can project.

Building Permit:
A certificate that must be obtained from the municipality by the property owner or contractor before a building can be erected or renovated.

Any undertaking for the purpose of profit, including any interest in any such undertaking.

Buyer's Agent (also known as "Purchaser's Agent"):
A person or firm representing the buyer.

When the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender, or to the purchaser, in one lump sum or monthly installments.

Buyer Agency Agreement:
A written contractual agreement in which an agent commits to provide services necessary to secure a transaction and the purchaser commits to working exclusively with that agent for a specified time period.

Seller Info

Seller Info

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...

Buyer Info

Buyer Info

Since choosing a right property to buy starts with needs and desires and finishes with a sizable portion of your earnings used for paying for it, it's important to ensure that the property you choose both meets your needs and is a good "fit" with your financial situation.


Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world."

Franklin D. Roosevelt