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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.
TERM. The term of a mortgage is the length of time that the mortgage conditions, including the interest rate you pay, are carried out. Terms are usually between six months and ten years. At the end of the term, you either pay off the mortgage or renew it, possibly renegotiating its terms and conditions.
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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.
Jan 14, 2019 · These costs include legal fees, land transfer fees and disbursements. They usually range from 1.5% to 4% of the purchase price. Closing or Completion Date: The date at which the sale of a property becomes final and the new owner takes possession of the home. CMHC: Canada Mortgage and Housing Corporation.
- How to Use This Glossary of Real Estate Terms and Abbreviations
- Glossary of Real Estate Terms and Abbreviations
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Mac users: hold command + F to search for a real estate term Windows users: hold control + F to search for a real estate term
Absentee landlord:An owner or sub-lessor who does not reside in the place or area in which he/she owns real estate from which he/she derives rental income. Abstract of auction:A summary of the auction advertisements which appears in the property page of a newspaper. Abstract of title:A chronological summary of conveyances, mortgage or leases and ot...
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.
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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.
