Colli Real Estate

Canadian real estate

We have attached a list of terms used in the real estate industry in Canada. These could help an investor resident does not understand what is being said to him by realtors, bankers and vendors. If you have questions about other terms that are covered note here? Send us questions and we will get back to you with an answer.

Amortization: The number of years take to repay the entire amount of a mortgage. In Ontario, most mortgages are amortized over 25 years.

Appraisal: An estimate of the value of a property. It is used by lenders to determine the amount of your mortgage.

Assessment: The value of a property set by the local municipality. The assessment is used to calculate your property tax.

Assumable mortgage: A mortgage on property held by a seller who may be borne by the buyer. Buyer then assumes responsibility for making payments. An assumable mortgage can make a home more attractive to potential buyers.

Blended Mortgage Payments: Equal or regular mortgage payments consisting of both a principle and an item of interest.

Broker: A real estate professional licensed in Ontario to facilitate the sale, lease or exchange of property.

Bridge Financing: Money borrowed against a landlord equity in a property (usually for a short period) to help finance the purchase of another property or provide improvements to a property sold.

Buy-down: A situation where the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender. However, the difference may be paid to the purchaser in a lump sum or in monthly installments. A buy down can make a property more attractive to potential buyers.

Mortgage closed: A mortgage that can not be prepaid, renegotiated or refinanced during its term without penalties important.

Conventional Mortgage: A first mortgage issued for up to 75 percent of the appraised value of property or the purchase price, whichever is lower.

Debt ratio: The percentage of gross income of the borrower one that can be used for housing costs (including mortgage payments and taxes). It is used to determine the amount of mortgage payment Monthly borrower can afford.

Easement: A right to use or cross (right of way) of land another person for limited purposes. The right of a utility to run son or lay pipe across a property is a common example.

Encroachment: An intrusion onto an adjoining property. neighbor's fence, shed or overhanging roof line that partially overlaps or entirely on your property are examples.

First Mortgage: Safety first recorded on a property. additional mortgage secured against property are called "secondary".

Mortgage-Report Above: A mortgage for more than 75 percent of the appraised value of a property or purchase price.

Advertisement Agreement: The contract between the listing broker and an owner authorizing the agent to facilitate the sale or rental of property.

title = "Mortgage Services"> Mortgage: A contract between a borrower and a lender where the borrower undertakes a property as collateral to guarantee repayment of the mortgage debt.

Mortgage Term: The length time a lender of mortgage funds to the borrower. Most terms run from six months to five years, after which the borrower either pay the balance or renegotiate the mortgage for another term. Payments are calculated using the interest rate offered for the duration, the amount of the mortgage and the amortization period.

Multiple Listing Service ( title = "real estate services"> MLS): A comprehensive system for relaying information to realtors about properties for sale.

Mortgage: A mortgage that can be paid or renegotiated at any time and in any amount without penalty.

Partly Mortgage: A mortgage that allows the borrower to prepay a portion specific to the mortgage principal at certain times, with or without penalty.

property management "> Property Manager: A local person or company acting for an absence of the owner.

REALTOR ®: A proprietary name describing real estate professionals who are members of a local board of real estate and the Canadian Real Estate Association.

Transfer Taxes: Payment to the provincial government for transferring property from seller to the buyer.

Recovery vendor Mortgage: A situation where vendors use their own funds in an property to provide all or part of the mortgage financing in order to sell the property.

Zoning Regulations: Strict guidelines set and enforced by municipal governments regulating how a property may or may not be used.

About the Author

Ontario Suites is a Toronto Based Property Management Company providing Real Estate and Management Service since 2002.

Amortization vs Term Explained by Vancouver Mortgage Broker Mark Fidgett

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