An estimate of a property’s value performed by a professional Appraiser.
An estimate of a property's market value by a professional Appraiser; used by lenders in determining the amount of the mortgage.
Asking or List Price
The price placed on the property for sale by the seller.
A person licensed by the provincial or territorial government to trade in real estate. Real estate brokers may form companies or offices which appoint sales representatives to provide services to the seller or buyer, or they may provide the same services themselves.
Certificate of Compliance
A stamp issued by the municipality which states the improvements comply with the local building bylaws and requirements.
Expenses in addition to the purchase price for buying and selling a property.
Comparative Market Analysis
The most widely used technique for REALTORS® to establishing the value of residential properties. It uses sales, competitive listings and expired listings to try to determine a probable selling price for the subject property
Completion day is the last step in the process of buying and selling. It is the day when ownership is transferred from seller to buyer, the buyer gets the keys to the property and the seller must move out.
An easement is a nonpossessory right to use and/or enter onto the real property of another without possessing it.
A structural encroachment is a concept in real property law, in which a piece of real property projects from one property over or under the property line of another landowner's premises.
An encumbrance is a right to, interest in, or legal liability on property that does not prohibit passing title to the property but that may diminish its value.
In the U.S. legal system, a fiduciary duty describes a relationship between two parties that obligates one to act solely in the interest of the other.
A right to keep possession of property belonging to another person until a debt owed by that person is discharged.
A listing contract is a contract between a real estate broker and an owner of real property granting the broker the authority to act as the owner's agent in the sale of the property.
A mortgage is an agreement between you and a lender that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your property if you fail to repay the money you've borrowed.
A property tax or millage rate is an ad valorem tax on the value of a property. The tax is levied by the governing authority of the jurisdiction in which the property is located.
A purchase agreement is a document that outlines the terms and conditions of a sale. Purchase agreements are often used for high-value items or custom orders where the buyer or seller needs assurance that both parties will follow through with the agreed-upon terms.
Real Property Report
Property buyers use the report to confirm boundaries, locations, and improvements. They also look for problems areas, like encroachments from a neighbor or the city. The report shows whether buildings and other structures are too close to property lines, and help with future planning.
The seller's associate represents the seller as a listing associate under the listing contract. His or her primary allegiance is to the seller. The seller's associate does not represent the buyer.
The actual life of a mortgage contract, from six months to ten years, at the end of which the mortgage becomes due and payable unless the lender renews the mortgage for another term.