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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.
Appraisal Process. A systematic analysis of the factors that bear upon the value of real estate. It consists of an orderly process by which the problem is defined, the work necessary to solve the problem is planned, and the data involved are acquired, classified, analyzed, and interpreted into an estimate of value.
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.
Jun 15, 2021 · 40 Common Real Estate Abbreviations and Acronyms. Written by MasterClass. Last updated: Jun 15, 2021 • 7 min read. The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
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.
the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms and conditions set forth therein. Air Rights - Rights in real property to use the space above the surface of the land. Alienation - A transferring of property to another; the transfer of property and possession of lands, or other things, from one person to ...
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lender to demand immediate repayment of the entire balance if the terms of the contract have not been fulfilled. The lender may accelerate the terms of repayment and enforce payment in full for the reasons stated within the clause. Access Right — The right of egress from and ingress to a property from an existing highway or street.
