The amount actually paid for a property in a particular transaction.
Matrimonial Home or Marital Home:
A designation of a home as a matrimonial home essentially means that the property is deemed to be the family residence at the time of designation.
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.
A claim against a property for money owing to a supplier, sub-contractor or other person or company who has provided labour or materials.
Multiple Listing Service (MLS):
Trademarks owned by The Canadian Real Estate Association. They are used in conjunction with a real estate database service, operated by local real estate boards, under which properties may be listed, purchased or sold.
A document which is registered in Land Titles Office and provides evidence that you have given your home as collateral to a lender to secure a loan. Lenders consider both the property (security) and the financial worth of the borrower (covenant) in deciding on a mortgage loan.
A person or company having contacts with financial institutions or individuals 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.
The lender who provides a loan secured by a mortgage.
In Canada, high-ratio mortgages (those representing greater than 80% of the property value) must be insured against default by either CMHC or private insurers. The borrower must arrange and pay for the insurance, which protects the lender against default.
Mortgage Insurance Premium:
A premium which is added to the mortgage and paid by the borrower over the life of the mortgage. The mortgage insurance insures the lender against loss in case of default on the part of the borrower.
Mortgage Life Insurance:
A 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 pays the balance owing on the mortgage. The intent is to protect survivors from losing their home.
The property owner borrowing the money, secured by a mortgage.
Location is the most critical factor affecting a home's value, so when buying a house it makes sense to buy in the best neighborhood you can afford. The most desirable neighborhoods tend to hold their value over time and that will play an important role in the resale value of the property and in your family's life.
There's little doubt that Canadians are on the move. Whether moving from an apartment to a house, apartment to apartment or home to home, moving is no simple matter. With careful planning, however, your transition can be facilitated in an organized and efficient manner, allowing you the peace of mind you need to settle into your home.
Location matters, so before you buy any real estate property, ensure that it's in a good location.
The best neighborhoods have well maintained homes, close proximity to a thriving economic center, nearby shopping, good schools, convenient commute options, good recreational facilities and low crime rate.
Location is the most critical factor affecting a home's value.
When buying a house it makes sense to buy in the best neighborhood you can afford.
Before buying house, find out more about the immediate homes around the property you want to buy.
Your future home is part of a larger community, so make sure you know about local problems, noise, traffic, future construction and developments in the area, zoning restrictions, rezoning, contamination, etc.
A good first step when starting your research and investigation about neighborhood is to spend some time in each area you consider (both during the week and on weekends).
Buyers with limited financial resources should look for neighborhoods that are likely to be in high demand or on a verge of popularity boom in coming years.