Real Estate Terms

 The estimate of the homes market value 

 The value of a property set by the local municipality. It is used to calculate your property tax 

 A mortgage held on a property by a seller that the buyer can take over 

 Equal or regular mortgage payments consisting of both a principal and an interest component 

 CMHC controls the Mortgage Insurance Fund, which protects NHA Approved Lenders 

 A mortgage that cannot be prepaid, renegotiated or refinanced without significant penalties 

 The date when the deal is final, and the new owner can move in 

 An offer that has conditions attached 

 The percentage of a borrower's gross income that can be used for housing costs 

 The offer to buy the home with no conditions 

 The first security registered on a property 

 In real estate, the right of first refusal is a provision in a lease or other agreement. It gives a potentially interested party the right to buy a property before the seller negotiates any other offers. 

 The contract between the listing brokerage and the homeowner. This allows the REALTOR® to look after all aspects of the sale of the home 

 is a system for sharing the listing of homes to a vast audience 

 A mortgage for more than 75 percent of a property's value or price 

 Short-term financing to help the person buying the home 

 Offers to purchase property normally have an irrevocable date and time. Irrevocable is defined as incapable of being recalled or revoked. 

 The number of years it will take to pay off the mortgage 

 A contract between a borrower and a lender to repay the money borrowed to buy the home 

 The amount of money borrowed for a new mortgage

 The rate of interest may change