In income property, a dollar or percentage factor that serves as a financial cushion for the lender between the obligation of an owner to pay annual debt service and the forecasted net operating income from the property under consideration.
In real estate, a supplementary form completed and included with the real estate purchase contract for the benefit of a buyer in a real estate transaction.
This is usually mortgage at a higher interest rate and represents the difference between the price of the house and first mortgage plus the down-payment. May be obtained from banks and finance companies or through lawyers or notaries.
The Seller's Agent represents the seller -- either as a Listing Agent under the listing agreement with the seller or by cooperating as a Sub-Agent, typically through the MLS® system. In dealing with prospective buyers -- customers-- the Seller's Agent can provide a variety of information and services to assist the buyer in his/her decision-making. The Seller's Agent does not represent the buyer.
A leasehold interest in a property created by means of a sublease from the leasee to a sublessee.
A levy imposed by a municipality on property owners to fund construction of a project that will benefit a defined area.
A document stipulating the kind, quality and sometimes the quantity of materials and workmanship required in the construction of a particular house.
A certificate prepared by a qualified surveyor showing the home and other buildings relative to the property boundary.
Making the decision to become a homeowner is good decision since buying a home is a great investment in your future. Choosing a home to buy starts with your needs and desires and should process logically until you find something you can afford.
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.
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.