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| Real Estate TermsTechnical jargon in any profession can create confusion and misunderstanding for those not up on the lingo. The real estate industry is no exception. The following are commonly used real estate terms, followed by a plain English explanation.In real estate, C is for. . . .Caveat EmptorA Latin expression meaning, "Let the buyer beware". Because the onus of examining the goods or property being purchased is on the buyer, the buyer is therefore at risk. Chattel Personal property that is tangible and moveable. Commission Monies paid to a brokerage upon the sale or lease of property, as a percentage or flat fee of the amount involved. Contract A contract is a legally binding agreement between two or more capable persons. The agreement says that in return for a lawful and genuinely intended act a certain value will be placed. (Please see the Real Estate Council of Ontario 's guidelines for oral/written agreements under REBBA 2002.) Covenant An agreement contained in a deed and creating an obligation. It may be positive, stipulating the performance of some act, or it may be negative and restrictive, forbidding other acts. Creditor A person to whom a debt is owed by another person usually called a debtor. D is for...Date of CompletionThe date specified in the agreement of purchase and sale, when the buyer is to deliver the balance of money due and the seller delivers a duly executed deed and vacant possession of the property. Deed A document in writing, duly executed and delivered, that conveys title or an interest in real property. Deposit The payment of money or other valuable consideration as pledge for fulfillment of the contract. E is for. . . .Exclusive ListingA document giving the sole right to offer a described piece of property for sale, according to the terms of the agency agreement. F is for. . . .ForeclosureCourt actions taken by a mortgagee, when default occurs on a mortgage, causing forfeiture of the property. I is for. . . .IntestateA person who dies without a will or leaves one which is defective in form. L is for. . . .LeaseA contract between landlord and tenant for the occupation or use of the landlord's property by the tenant for a specified time and for a specified consideration. Lien A right, given to a creditor and creating an interest in the real property until the debt is discharged. Listing An agreement between a property owner and a brokerage authorizing the brokerage to offer the owner's real property for sale or lease. M is for...MortgageThe conveyance of property to a creditor as security for payment of a debt; i.e., the lender or creditor. Mortgagee The one to whom property is conveyed as security for the payment of a debt; i.e., the lender or creditor. Mortgagor The one who makes the mortgage, i.e., the borrower or debtor. Multiple Listing An arrangement among brokerages, usually real estate board members, whereby each broker presents his listings to the other members, who may negotiate the transaction. P is for. . . .Power of AttorneyDelegated written authority to a person allowing that person to act on the behalf of another person. Principal The employer of a sales representative or broker who gives the sales representative or broker the authority to do some act for him or her. In real estate, usually the owner of a property. R is for. . . .Real EstateReal Estate includes real property, leasehold and business whether with or without premises, fixtures, stock-in-trade, goods or chattels in connection with the operations of the business (Real Estate Business and Brokers Act). REALTOR® A registered word which may only be used by an active member of a real estate board affiliated with the Canadian Real Estate Association. While S is for. . . .SalespersonAn employee of a broker authorized to trade in real estate (as defined within the Ontario Real Estate Business Brokers Act). Also can be referred to as a Sales Representative. . This information is provided by the London and St. Thomas Association of REALTORS®. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied. | |||||||||||||
London and St. Thomas Association of REALTORS®, 342 Commissioners Rd.W., London, Ontario. N6J 1Y3 - Phone 519-641-1400 - Fax 519-641-4613
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