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Law suit has been commenced
- A document registered against title to a property which indicates that a law suit has been commenced. The person who started the law suit and filed the Certificate of Pending Litigation is claiming an interest in the property.
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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. Types of mortgages: Fixed-rate mortgage: Your interest rate is locked in for a specified period called a term.
Jun 15, 2021 · The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
Understanding the real estate terminology Canada uses is crucial for anyone involved in the real estate market in Canada, whether you’re a first-time homebuyer, a seasoned investor, or a professional in the industry.
Estate - The degree, quantity, nature and extent of interest which a person has in real property. Estate in Reversion - The residue of an estate left for the grantor, to commence in possession after the termination of some particular estate granted by the grantor.
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- Adjustable-rate mortgage (ARM): A mortgage loan with an interest rate that can change throughout the loan’s lifetime.
- Agent: A real estate professional that is legally licensed to buy and sell property on behalf of their clients. An agent cannot operate independently, they must work under a licensed broker.
- Amortization: The process of gradually reducing mortgage loan debt over time by establishing scheduled monthly payments. The interest payment of an amortized loan will decrease as time goes on, while the principal payment will increase.
Black’s Guide’s Glossary of Real Estate Terms provides a complete reference dictionary of terms and phrases used in the commercial real estate industry. These definitions have been endorsed by numerous industry organizations as the Market Standard for their respective regions.
Nov 13, 2023 · Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients.
