Matrimonial Home or Marital Home:
designation of a home as a matrimonial home essentially means that the
property is deemed to be the family residence at the time of
According to Matrimonial Property Act, "matrimonial home" means the
dwelling and real property occupied by a person and that persons spouse
as their family residence and in which either or both of them have a
property interest other than a leasehold interest.
NOTE: It must be noted that the home where spouses ordinarily reside
together is only a “matrimonial home” if the spouses are married.
claim against a property for money owing to a supplier, sub-contractor
or other person or company who has provided labour or materials.
Listing Service (MLS):
owned by The Canadian Real Estate Association. They are used in
with a real estate database service, operated by local real estate
under which properties may be listed, purchased or sold.
document which is registered in Land Titles Office and provides
that you have given your home as collateral to a lender to secure a
Lenders consider both the property (security) and the financial worth
the borrower (covenant) in deciding on a mortgage loan.
person or company having contacts with financial institutions or
wishing to invest in mortgages. The mortgagor pays the broker a fee for
arranging the mortgage. Appraisal and legal services may or may not be
included in the fee.
lender who provides a loan secured by a mortgage.
Canada, high-ratio mortgages (those representing greater than 75% of
property value) must be insured against default by either CMHC or
insurers. The borrower must arrange and pay for the insurance, which
the lender against default.
premium which is added to the mortgage and paid by the borrower over
life of the mortgage. The mortgage insurance insures the lender against
loss in case of default on the part of the borrower.
form of reducing term insurance recommended for all mortgagors. In the
event of the death of the owner or one of the owners, the insurance
the balance owing on the mortgage. The intent is to protect survivors
losing their home.
property owner borrowing the money, secured by a mortgage.