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.
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.
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.
A line fixed at a certain distance from the front and/or sides of a building lot, beyond which no building can project.
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.
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...
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.
Familiarize yourself with the fundamentals of real estate before you invest in your first property.
Make sure your information is up to date. You have to know and be realistic about today's real estate market.
Location matters, so before you buy any real estate property, ensure that it's in a good location.
Regardless of how certain you are that you will get mortgage, it is always good idea to get pre-approved.
Keep in mind, the commission is always negotiable upfront, before you sign a contract.
If you are working with agent, make it clear that you want the agent, not his/her assistants, to represent you.
Before you buy any real estate property, have it inspected by a professional home inspector.
If you are buying property with a partner, have a proper partnership agreement to protect both of you.
Make sure you read your listing or buyer’s agreement carefully before signing it.
Don’t skip the final walk-through to make sure that everything is done properly, and that the items you agreed should stay are still there.
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."