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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.
- Understanding Real Estate Market Terminology
- The 5 Most Common Real Estate Market Terms
- Get More on Real Estate Market Trends
Every month, news publications, media outlets and realtors report out market statistics that are produced by the Toronto Real Estate Board (TREB). You’ll see real estate market data presented in the form of articles, infographics, Instastory feeds and more… But, what does the breakdown even mean?
The more you know, the better! That’s why we’re sharing the five most common terms used by TREB. This means, you’ll be one step ahead the next time you have a run-in with Toronto’s monthly real estate market statistics!
Looking for even more on the Toronto real estate market? Download our guide on 104 Real Estate Terms for every definition you need to know about real estate. — This article is written by Kori Marin, Managing Partner and Broker at Fox Marin Associates. With a passion for Scandinavian design and all-things-Toronto, Kori brings her own brand of charis...
Property Transfer Tax (PTT) A provincial tax applied to property transactions in certain regions, including British Columbia. BC PTT is 1% on the first $200,000, 2% between $200,000 and $2,000,000, 3% on the amount of the fair market value above $2,000,000, and 5% on the fair market value above $3,000,000.
real estate, usually extending the useful life and value of a property. (The replacement of a roof would be considered a capital improvement.) Capital Loss - A loss from the sale of an asset not in the usual course of business. Caveat Emptor - Let the buyer beware. The buyer must examine the goods or property and buy at the buyer’s own risk.
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Below-grade: Any facility or part of a facility located underground or below the surface grade. Breach of Warranty: The failure of the seller of real property to pass title as either expressed or implied by law in the conveyancing document. Buffer: A strip of land. a transition established as between distinct land uses.
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.
