Cash to Mortgage:
the outstanding principal amount of the existing mortgage on a property
and pays the balance of the purchase price in cash.
|Certificate of Location:
document specifying the exact location of the property and describing
type and size of the house including additions.
|Certificate of Search:
document verifying the transactions registered against the property
e.g. mortgages, sales, etc.
person being represented by an agent.
mortgage that cannot be prepaid, renegotiated or refinanced during its
term, except with compensation or breakage costs.
real estate transaction's completion, when the parties involved agree
all legal and financial obligations have been met, and the deed to the
property is transferred from the seller to the buyer.
in addition to the purchase price for buying and selling a property.
closing costs include adjustments for prepayment of taxes, utilities
condominium common expenses, if any, made by the vendor; property land
transfer taxes; property insurance; and legal/notary fees.
date on which the title and keys to the property are transferred from
seller to the buyer and the money is paid.
(Canada Mortgage and Housing Corporation):
Crown corporation providing information services and mortgage loan
amount agreed to by the seller and the real estate broker/agent and
in the listing agreement. It is payable to the broker/agent on closing
and shared, if applicable, among those salespeople involved in the
A pladge, promise or affirmation of agreement which is binding in law.
portions of a condominium development owned in common (shared) by the
Payment or reward for performance of service.
offer to purchase subject to specified conditions. These conditions
be the arranging of a mortgage, a satisfactory inspection, or the
of a present home. A time limit in which the specified conditions must
be met should be stipulated in the offer to purchase.
ownership in property. Owners have title (owner-ship) to individual
and a proportionate share in the common elements.
first mortgage issued for up to 75% of the property's appraised value
purchase price, whichever is lower.
fixed rate mortgage which offers the same security as a closed
but which can be converted to a longer, closed mortgage at any time
legally binding agreement between two or more capable persons for
consideration or value, to do or not to do some lawful and genuinely
intendent act. If for the sale of real estate, it must be in writting.
All contracts are affected by the law of contract.
party's written response to the other party's offer during negotiation
of a real estate purchase between buyer and seller.
agreement contained in a deed and creating an obligation. It may be
positive, stipulating the performance of some act. it may be negative
or restrictive, forbidding the commission of some act.
(Canadian Real Estate Association):
national association representing the real estate industry on federal
policy matters, providing member services and education.