HOME BUYING GLOSSARY
AMORTIZATION PERIOD
The number of years it takes to repay the entire amount of the financing based on a set of fixed payment.
APPRAISAL
The process of determining the market value of a property.
CLOSED MORTGAGE
A mortgage that cannot be prepaid or renegotiated for a set period of time without penalties.
CLOSING DATE
The date on which the new owner takes possession of the property and the sale becomes final.
COLLATERAL
An asset, such as term deposit, Canada Savings Bond, or automobile, that you offer as security for a loan.
DEPOSIT
A sum of money deposited in trust by the purchaser on making an offer to purchase. When the offer is accepted by the vendor (seller), the deposit is held in trust by the listing real estate broker, lawyer, or notary until the closing of the sale, at which point it is given to the vendor.
EQUITY
The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.
MORTGAGE
A mortgage is a loan that uses a piece of real estate as a security. Once that loan is paid-off, the lender provides a discharge for that mortgage.
TERM
The period of time the financing agreement covers. The terms available are: 6 month, 1,2,3,4,5,6,7,10 year terms, and the interest rates will be fixed for whatever term one chooses.
Closing the Sale
We will monitor and inform you of the progress of the purchase agreement, including the satisfaction of all contingencies and conditions during the entire transaction.
After Sale Service
We will contact your after the closing to follow up on remaining details or service needs.
Service Satisfaction Survey
We will provide you with a confidential opportunity to give an evaluation of our services.
Follow up service
From time to time we may contact you with information pertinent to your purchase or the real estate market in general. Please feel free to contact your Realtor should you have any questions regarding your property or those in your neighbourhood.