A legal document which is signed by both the seller and buyer, transferring ownership. This document is registered as evidence of ownership.
Failure to abide by the terms of a mortgage loan agreement. A failure to make mortgage payments (defaulting on the loan) may give cause to the mortgage holder to take legal action to possess (foreclose) the mortgaged property.
Judgment issued against a borrower when the sale of foreclosed property does not bring in enough to pay the balance owed on the mortgage.
Money from the buyer placed in trust when an Offer to Purchase is made. The sum is held by the real estate brokerage or lawyer until the sale is closed, and then paid to the seller.
Gradual decline on paper in market value of real estate, especially because of age, obsolescence, wear and tear, or economic conditions.
A residential unit that shares no common walls with another house or dwelling.
A fee or penalty that a mortgage provider charges to a borrower when a mortgage is repaid prior to its maturity date.
Discharge of Mortgage
A document signed by the lender and given to the borrower when a mortgage loan has been repaid in full.
The portion of the house price the buyer must pay up front from personal resources, before securing a mortgage. It generally ranges from 5% - 25% of the purchase price.
Due on Sale
Clause in a note or mortgage giving the lender the right to call the entire loan balance due if the property is sold or otherwise conveyed.
A right acquired for access to or over, or for use of, another person's land for a specific purpose, such as a driveway or public utilities.
An intrusion onto an adjoining property. A neighbour's fence, storage shed, or overhanging roof line that partially (or even fully) intrudes onto your property are common examples.
A registered claim for debt against a property, such as a mortgage.
The difference between the price for which a home could be sold and the total debts registered against it. Equity usually increases as the outstanding principal of the mortgage is reduced through regular payments. Market values and improvements to the property also affect equity.
Money or documents held by a third party until specific conditions of an agreement or contract are fulfilled.
Estimated or determined value of real property through appraising.
When a seller enters into a contract with a REALTOR® to not only have him represent his interests for the sale of the property, but also wants him to find the buyer as well. No other REALTORS® are involved.
The forced purchase of private land by a public authority in exchange for payment of fair market value.
Person acting in a position of trust, responsibility, and confidence for another, such as a broker for his client.
The first security registered on a property. Additional mortgages secured against the property are "secondary" to the first mortgage.
Any personal property that has been permanently attached to real property and therefore included in the transfer of real estate. Chandeliers and built-in shelves are examples.
A legal procedure in which the lender gets ownership of the property if the borrower defaults on the mortgage loan.
For Sale By Owner