Nanaimo Real Estate Glossary
I
have included a real estate glossary to help Buyers and Sellers
read the contracts that they will be signing.
If you are planning on buying or selling a home in Nanaimo in the near future,
take the time to learn some of the words you are unfamiliar with.
Nanaimo's
real estate market can be very hectic at times and being prepared and confident
can save you not only money but time as well.
A | B | C | D | E | F | G | H | I | J |
K | L | M | N |
O | P | Q | R | S | T | U | V | W |
X | Y
A
An abbreviation for air conditioner or air conditioning.
A measurement of land equal to 43,560 square feet. Example: A
lot aprox. 150 x 290.
The day from which all calculations of interest,
tax adjustments, utility bill adjustments (if applicable) are made to
the credit of either the buyer or the seller. This is usually (but not
always) the same as the possession date.
The period set to pay down a loan. The normal
amortization period for a mortgage in Canada is twenty five years, but
can be as short as five years or as long as twenty five years.
An estimate of a property’s value performed
by a professional appraiser.
The relationship between principal and real
estate agent which arises out of a contract, written or oral wherein
an agent is employed and authorized by the principal to represent him/her
in business transactions with a third party.
Taking over a loan and becoming personally
liable for the repayment
- An appraisal
for the purposes of taxes.
A fund set up by the B.C. Government to compensate
any person deprived of land where there has been fraud, a mistake or
error by the registrar of titles.
An agreement between the vendor and purchaser
for the purchase of real property.
B
- C
A notice registered against the title of land
that there is an outstanding claim.
Articles of personal property such as household
goods, furnishings, and fixtures that are not permanently affixed to
the house.
All the charges that are attached to the closing
. These one-time fees include charges for title search and insurance,
attorney's fee, lender and/or broker fees.
An area in a strata that is owned by all residents.
i.e.:the swimming pool, roof or lobby. (see limited common area).
A statement of a condition to be fulfilled
before the contract will become firm and binding; must include a specific
deadline for removal. also known as “Subject-to” Clause Consideration
- The legal term used for what reason which induces a party to enter
into a contract. It can take the form of financial payment or the a promise
to do or not do something.
The term used to describe the process of transferring
the seller's title to the buyer and indicates all the necessary steps
to complete the transfer.
Overhang of a pitched roof , usually consisting
of a fascia board, and soffit.
- A promise contained
within an agreement. (a restrictive covent ant is a restriction placed
on land i.e. restricted building heights). (A local millionaire actually
bought the rights from all his neighbors to not block his view).
Something of value given or pledged as security
for a debt or obligation. The collateral for a real estate mortgage loan
is the mortgaged property itself.
Short vertical "2 by 4's or 6's" frame
lumber installed above a window or door.
- D
-
- A sum of money that
is required to be paid with an offer to purchase as a symbol of the
purchaser's commitment.
E
- The difference between the value of a property
and the amount of financing on that property.
F
- G
- H
An abbreviation for Heat, Ventilation, and Air Conditioning
A mortgage loan that exceeds the normal limit
of 75% LTV (loan to value) of a conventional mortgage.
A portion of each payment that remains unpaid
until such time as the job is completed and/or any liens placed against
your property by the contractor's debtors are discharged.
- I
-
- The date on which the mortgage really begins,
usually the first of the month. The interest owed for the number of
days between the closing date and the last day of the month is paid
on the closing date by cheque or by deduction from the mortgage advance
and covers.
- J
-
- Property held by two or more persons with
an undivided interest. If one owner dies, the property passes automatically
to the other / others.
The science of juridical law; the knowledge
of the laws, customs, and rights of men in a state or community, necessary
for the due administration of justice.
L
A less-than-freehold estate which a tenant possesses
in real property.
A charge registered against a property.
An interest in land during a persons life and
ends upon their death.
An area in a strata that is owned by all residents
but has limited use i.e. parking stall or balcony.
M
Is a type of roof that has four sides that
slope up from the edge to the square peak. (Also known as a hip roof.)They
were first conceived by the architect François Mansart in the1850's.
The roof incorporates an additional floor usually with dormers. (French
buildings were taxed on their height not the number of floors).
The value of a property based on what the market
will bear. Determined by a comparison of the subject property to others
in a similar area that have sold recently.
A document evidencing a debt towards by the
borrower. When it is registered in the land title office, It transfers
ownership of the land from the mortgagor to the mortgage until the debt
is paid.
Open Mortgage - contains
a provision allowing partial or full prepayments.
Closed Mortgage - cannot
be paid out before its term has expired.
Convertible Mortgage -
A fixed-rate mortgage similar to a closed mortgage, but which can be
converted to a longer, Closed mortgage at any time without penalty.
Blanket Mortgage -
A mortgage that covers more than one property owned by the same borrower.
High Ratio Mortgage -
A mortgage in which the loan-to-value ratio is above 75%.
Variable Rate Mortgage -
A mortgage where the rate of interest changes during the term depending
on the market rate at that time.
A person or company that arranges 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 borrower of the funds...from a mortgage.
A service that combines listings of all available
homes in an area into one directory.
- N
P
- R
- S
T
The rate per $1000 of land value that property
tax is calculated.
The ownership of property by two or more persons,
where on the death of one, his share does not automatically go to the
other(s) but is credited to his estate.
The actual life of a mortgage contract. It
also indicates when the principal balance becomes due and payable to
the lender.
A private wrong or injury other than breach
of contract, i.e.: trespass.
A land registry system, based on a ship registry
system. It removed the need for historical research into land title.
Named after Robert Richard Torrens.
U
Charging a rate of interest in excess of that
permitted by law. (60%) in B.C.)
V
Having no legal force or binding effect; not
enforceable.
w
A measure of the electrical requirement of
an appliance calculated by multiplying the voltage times the amperage.
i.e.: 20 amps x 110 volts = 2200 watts. |
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