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The REALTOR.ca mortgage affordability calculator s can help you perform your own PITH test to estimate affordable mortgage payments. When taking out a mortgage, home buyers grant the bank a lien on the property. This gives the bank the right to seize your property in the event you don’t repay your mortgage.
Nov 13, 2023 · You can explain to them that a commission is the amount charged by the real estate agents who lead the transaction. It is almost always paid by the seller. Generally 6% of the purchase price of the property, commissions are usually split between the buyer and seller agents and then between the agents and their brokers.
Sep 12, 2023 · High-Ratio Mortgage. A high-ratio mortgage is a mortgage where the borrower has less than 20% of the home’s purchase price to make as the down payment. A high-ratio mortgage with a down payment between 5% and 19% of the purchase price requires mortgage loan insurance. In Canada, 5 percent is the minimum amount required for the down payment.
Mar 20, 2023 · 26. Equity. A percentage of the home’s value owned by the homeowner. 27. Escalation clause. A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property.
20. Ontario Agreement of Purchase and Sale. The Agreement of Purchase and Sale (APS) is a legally binding contract between a buyer and a seller for the purchase of a property in the province of Ontario, Canada. Outlines terms and conditions including purchase price, closing date, and contingencies.
Appraisal: The appraisal is a process for estimating the market value of a property, typically done before subject removal. This act is done by a certified professional appraiser often hired by the bank. Appreciation: The increase in value of something because it is worth more now than when you bought it.
Use our Canadian real estate glossary to understand real estate terminology and jargon. Find definitions for key real estate terms, real-life examples, synonyms, and expert perspectives on terms. Zolo.ca, the Zolo Web App, and the Zolo App are operated under license from Questrade, Inc. Zolo Ventures Ltd., its subsidiaries, and Questrade, Inc ...
