Assessed Value
Value set by municipalities for property tax purposes.
Navigating real estate can be challenging, which is why we’ve compiled a comprehensive glossary of common terms. Whether you’re buying, selling, or simply curious about the industry, our list will help you feel more confident and informed!
Value set by municipalities for property tax purposes.
Real estate professional registered in Alberta to facilitate transactions.
Mortgage that can be taken over by the buyer.
Items attached to property that are considered fixtures and belong to the buyer.
An enhancement or addition to a structure that boosts the property's value.
The expected rate of return on a real estate investment calculated from its anticipated income.
A principle meaning "let the buyer beware," signifying that the buyer accepts the associated risks.
Document indicating a mortgage or lien on a property.
Stamp stating improvements meet local building bylaws.
Document showing legal property ownership.
Process of removing a mortgage or lien from title.
The historical record of ownership transfers for a property.
A type of loan secured by personal property used as collateral.
Movable personal property not fixed to real estate.
An individual represented by an associate to whom fiduciary duties are owed.
Title free of liens or legal claims.
Additional expenses incurred during the property transaction.
The Canada Mortgage and Housing Corporation, which provides mortgage loan insurance.
Amount agreed for brokerage services, paid at closing.
Technique for determining property value based on sales data.
Day legal and financial obligations are fulfilled and title is transferred.
Condition that must be fulfilled for a contract to be binding.
A type of shared ownership in a property governed by strata title.
Mortgage representing 75% or less of property value, without insurance.
The procedure for transferring ownership title from the seller to the buyer.
Seller's response to a buyer's offer altering terms.
A legal right to utilize another person's land for designated purposes.
Agreement allowing an encroachment to remain.
Value of ownership interest in property.
Account holding funds until transaction completion.
Intrusion onto adjacent property.
A legal claim on a property, including liens or easements.
Process of unclaimed property reverting to the state.
Statement of a condominium unit's financial and legal status.
An evaluation of the economic viability of a real estate project.
Complete form of property ownership.
Ownership with rights subject only to government restrictions.
Legal duties of associates to their clients.
Primary security registered on a property.
Process where lender takes possession of a property due to non-payment.
Housing costs relative to income, ideally not exceeding 30%.
Ratio of property price to gross rental income.
Total income generated by a property before expenses.
An individual who agrees to take responsibility for another person's debt in the event of a default.
Lender in a mortgage agreement.
Property owner borrowing money through a mortgage.
Cooperative selling system for real estate listings.
Occurs when property expenses exceed income generated.
Total income from a property minus operating expenses (excluding financing costs).
A loan in which the borrower’s liability is limited to the collateral, usually the property securing the loan.
A lender’s commitment to provide a loan or advance as agreed.
A mortgage that can be prepaid or renegotiated anytime without penalties.
An "open" mortgage allows penalty-free repayments; a "closed" mortgage has restrictions.
A contract allowing the right (but not the obligation) to buy or sell a property at a specified price within a set timeframe.
Refers to groups like CREA, AREA, and local boards that set standards and practices in real estate.
The individual or entity holding the title to a property.
The return lenders receive for providing mortgage funds.
Obtaining a new mortgage, usually at a lower rate, to replace an existing mortgage.
A legal outline detailing property boundaries and improvements (previously called the Surveyor's Certificate).
Indicated on title for utilities or municipal use, prohibiting permanent structures.
A platform featuring property listings and consumer information from real estate boards across Canada.
A non-profit organization supporting local real estate brokers, managing the MLS® system, and providing education.
A professional association representing over 3,100 members in the Edmonton area, enforcing ethical standards and providing education.
A trademark representing real estate professionals who belong to the Canadian Real Estate Association (CREA), signifying their commitment to service, competence, and ethical standards.
Additional financing secured by the property, usually at a higher interest rate.
Mortgages beyond the first mortgage, secured by the property.
Represents the seller in a transaction, with primary allegiance to them.
A market with fewer properties for sale, favoring sellers in negotiations.
The practice of representing either the buyer or the seller in a transaction, but not both.
Closing statements detailing the sources and final amounts in a transaction.
Moveable personal property included in the sale (also known as chattels).
The process of assessing the risk of lending based on the borrower’s creditworthiness and property value
The percentage of unoccupied rental units in a property at a given time.
A mortgage with fixed payments but an interest rate that fluctuates with market rates.
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