Closing Date
The date when the financial adjustments are made for each party in a real estate or mortgage transaction. In real estate, it is the date when the title to the property transfers to the new owner, after which, the new owner assumes financial responsibility for the property.
Commission
The remuneration paid for services as an agreed fee or percentage of sale price or property lease.
Comparative Market Analysis
A method of property valuation used by real estate professionals for estimating the value of residential properties.
Condition
An aspect of a contract that serves as an impediment to an enforceable contract, until such time as it has been satisfied or waived. Conditions are typically placed in a contract by a party to that contract in order to protect its interest(s) and include a specific period of time after which the condition(s) will expire. Each condition may have the same or a different expiry. Real estate purchase contracts may include conditions added for the benefit of the seller, buyer or lender.
Conditional Offer
A conditional offer sets out the terms of the sale such as the purchase price, the date of closing, the names of the parties, and the amount of any required deposit, but it also includes conditions that must be met within a specified period of time in order for the contract to be binding on the parties. These conditions could include a satisfactory home inspection or financing acceptable to the buyer.
Conditional Sale
Is a real estate transaction where the seller has accepted the buyer’s Conditional Offer. Also see Conditional Offer.
Effective Date
The date upon which an agreement such as a contract is considered to take effect.
Estoppel Certificate
A signed statement from the condominium corporation that confirms the financial information it provides regarding a unit is correct as of the date on the statement and can be relied on by a third party. Upon issuing the Estoppel Certificate, the condominium corporation is barred from changing any of the statements it has certified as correct.
Home Inspection
A visual examination of readily accessible interior and exterior aspects of a property in order to provide an opinion on the property’s condition as of the date of the inspection. The purpose of a property inspection is to look for signs that there may be problems with the property and to suggest any areas that should be looked at further by an expert. Home inspections are performed by property (home) inspectors.
Lender
An individual or institution responsible for underwriting, funding and administering a mortgage loan and to whom real estate is pledged as security for the loan. This may include institutional lenders, non-institutional lenders, government lenders and private lenders.
Listing Price
The amount of money that a property that is under contract with a brokerage may be advertised to the public and marketed through various listing databases by the brokerage.
Mortgage
A legal agreement specifying the pledging of real property to a lender as security for a debt.
Mortgage Insurance
A credit risk management tool protecting the lender from losses due to default on the mortgage by the borrower. It is typically required when the loan to value ratio for the property is 80% or greater.
Mortgage Pre-Approval
An approval for a mortgage based on a borrower’s qualifications made in advance of a real estate purchase. A written pre-approval protects the borrower by specifying the mortgage term, interest rate and maximum amount of the loan. If mortgage rates rise, the borrower receives the pre-approved rate. If rates drop, the borrower receives the lower rate. However, the borrower must take possession of a property before the pre-approval expires. They typically are 60 or 90 days, but may be as long as 120 days for new construction. Once a property has been purchased, the pre-approval is subject to the borrower submitting any final supporting documentation, providing his or her financial position has not changed. It is also subject to the property meeting the lender’s underwriting requirements.
Mortgage Pre-Qualification
The tentative approval for a mortgage based on the borrower’s qualifications made in advance of a real estate purchase. It is for a specified period of time and subject to the borrower submitting his or her supporting documentation to the lender, providing his or her financial position has not changed. Once a property has been purchased, the property must also meet the lender’s underwriting requirements.
Mortgage Term
The period of time for which the lender loans funds to the borrower, as specified in the mortgage agreement. At the end of the mortgage term, the principal and unpaid interest becomes due and payable by the borrower to the lender. At that time the borrower may renew or refinance the mortgage. Also see Mortgage Refinance and Mortgage Renewal.
Multiple Offers
A situation when multiple buyers submit an Offer to Purchase on the same property, at the same time.
Offer to Purchase
An Offer to Purchase (also known as Real Estate Purchase Contract) is the contract a property buyer will write for submission to a property seller. It contains the date of the offer, the description of the property being offered on, the amount of the deposit, the purchase price being offered, down payment and financing details, as well as the buyer’s name and address, and the name and address of the seller, subject-to clauses, conditions, closing dates, and any special requirements you want to impose on sellers.
Property Assessment
The process of determining the property value for taxation purposes. Assessment is used to determine the property owner’s proportionate share of municipal taxes on an annual basis.
Property Inspection
A visual examination of readily accessible interior and exterior aspects of a property in order to provide an opinion on the property’s condition as of the date of the inspection. The purpose of a property inspection is to look for signs that there may be problems with the property and to suggest any areas that should be looked at further by an expert. Property inspections are performed by property inspectors.
Property Taxes
The annual amount charged each property owner by the municipality where the property is located. The amount is based on the assessed value of the property in relation to the municipal tax rate for that classification of property, as determined annually by the municipality. Property taxes fund the operations and services of the municipality. In addition, portions of the property tax may also relate to the provision of education and the payment for a local improvement levy.
REALTOR®
A registered trademark of the Canadian Real Estate Association (CREA). Real estate professionals are not required to be members of their local board, however only real estate professionals who are members of their local real estate board are authorized to use the REALTOR® term.
Showing
A scheduled appointment for a real estate professional to view a property that is for sale to a prospective buyer.
Tax Credit
An amount of money that a taxpayer is able to subtract from the amount of tax that they owe to the government. The value of a tax credit depends on what the credit is being provided for, and certain types of tax credits are granted to individuals or businesses in specific locations, classifications or industries.
Term
A contractual detail that represents points of agreement between the contracting parties (e.g. inclusions, exclusions, date contract takes effect, length of the contract).
Title Search
A review if all registered encumbrances relating to a specific parcel of land to determine the present condition of title.
Zoning
General rules applicable to all land use classifications in a municipality (e.g. Residential, Commercial, Industrial and Special district classifications).
We use the latest technology when it comes to ensuring accuracy and ease when selling your home. Docusign allows us to electronically send, receive and sign documents and agreements. Review offers and sign back from the comfort of your couch, never miss out because you are away you can sign from anywhere.
The placement of Nest cameras in your home to be used for home surveillance during the time your property is listed for sale is a service we provide free of charge.
Amanda Shields is the owner and lead designer at Mint Condition Staging. She is beyond passionate about creating showstopper properties and providing outstanding service with each and every design project. Whether you are preparing your home for sale, or creating the home of your dreams, Amanda provides a fresh approach to home design, on any budget. She is committed to providing you with the tools needed to anticipate, address and avoid negative buyer perceptions, before your home is listed.
Not only does RE/MAX have the market share but we are also part of the Barrie & District Association of Realtors® Inc. (BDAR), Toronto Real Estate Board (TREB) and Lakelands Association of REALTORS® offering triple the exposure to our client’s listings.
Deciding who to represent you is the most important decision you will make in your home selling process. As your Real Estate Representatives, we will help you in the following areas, critical to a successful and satisfying real estate experience. We will market your listing on not just one but THREE boards - Toronto, Barrie and Lakelands.
In order to provide the best service to our clients and exceed your expectations, we invest heavily in the business of selling your home. Some of these expenses include:
In order to provide the best service to our clients and exceed your expectations, we invest heavily in the business of selling your home. Some of these expenses include:
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