This site uses cookies.

The types of cookies we use, and the way we use them, are explained in our Privacy Policy. By clicking "Accept" or continuing to use our site, you agree to our use of Cookies.
More information


 

 

Phone: 416-495-2760  Mobile: 416-709-3153  Toll Free: 1-800-496-9220  Fax: 416-496-2144
Real Estate Terms

Bungalow

A one-story house, cottage, or cabin.


Condominium

A large property complex that is divided into individual units and sold. Ownership usually includes a non-exclusive interest in certain "common properties" controlled by the condominium management.


Close

The final procedure in a home sale in which documents are signed and recorded. This is the time when the ownership of the property is transferred.


Real Estate Terms

Closing Statement

A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. that must be transacted for a successful transfer of ownership to take place. This document is prepared by a closing agent and is also known as a "settlement sheet".


Commercial Real Estate

Property that is solely used for business purposes.


Deed

A legal document that grants the bearer a right or privilege, provided that he or she meets a number of conditions. In order to receive the privilege - usually ownership, the bearer must be able to do so without causing others undue hardship. A person who poses a risk to society as a result of holding a deed may be restricted in his or her ability to use the property. Deeds are most known for being used to transfer the ownership of automobiles or land between two parties.


Investment Real Estate

Real estate that generates income or is otherwise intended for investment purposes rather than as a primary residence. It is common for investors to own multiple pieces of real estate, one of which serves as a primary residence, while the others are used to generate rental income and profits through price appreciation. The tax implications for investment real estate are often different than those for residential real estate.


Land

Property or real estate, not including buildings or equipment, that does not occur naturally. Depending on the title, land ownership may also give the holder the rights to all natural resources on the land. These may include water, plants, human and animal life, fossils, soil, minerals, electromagnetic features, geographical location, and geophysical occurrences.


Land Value

The total value of the land, including any upgrades or improvements to the land.


Real Estate Sales Representative

A person with a provincial license to represent a buyer or a seller in a real-estate transaction in exchange for commission. Most Sales Representatives work for a real estate brokerage or agent.

 

 

Status Certificate

A Status Certificate is a short report on the current status of a condominium corporation. If you are buying a resale condominium, it is important that your agreement of purchase and sale is conditional, upon review of the Status Certificate by your lawyer.

 

The Status Certificate provides valuable information directly from the condominium corporation, examples of such information include, but are not limited to: Arrears or increases in common expenses; Whether any major work needs to be done to the building; The amount of the reserve fund and whether the reserve fund is sufficient for any major work. The Status Certificate also provides information about any claims against the corporation and whether the corporation is involved in any proceedings. This is important because if there are high value claims against the corporation and the corporation’s insurance does not provide coverage; the corporation can either increase the common expenses or levy a special assessment against the unit owners. If you are buying a condominium, you need to know of any potential significant increase in your monthly common expenses. .

 

The Status Certificate package includes the corporation’s financial statements, declaration and by-laws:

- The financial statements are a good indication of a corporation’s financial stability. 

- The statements will show the trends in expenditures and receipts for previous years and provide comparisons of a corporation’s actual and expected costs. 

- The budget for the current year will also be included, identifying both the income to the corporation, and the amount of the reserve fund. 

- The declaration of the corporation outlines the structure, rules and regulations of the corporation for example whether you can keep pets. 

- The corporation’s by-laws govern the corporation’s functioning, i.e., electing the Board of Directors, meetings, notices etc.


Zoning

Government (usually municipal) laws that control the use of land within a jurisdiction.

Home  :  Top  :  Printer Friendly  :  +Bookmark  :  Privacy Policy
Powered by Lone Wolf Real Estate Technologies (CMS6)