Dino Capocci .com





 

 

Dino Capocci,                    email: d@royallepage.ca             

 Sales Representative                Cell: 416-528-0542             

   

 

Royal LePage Real Estate Services, Ltd.

55 St. Clair Avenue West

Office: 416-921-1112

 

 

 

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REAL ESTATE TERMS

 

AGREEMENT OF SALE

A contract with specific terms pertaining to the sale of a property.  The same type of document is created for leases and is called a Lease Agreement.

 

ASSETS

Items that are owned by companies or individuals and are considered to have value.

 

BILL OF SALE

Paperwork that changes the title on the property ownership.

 

BUNGALOW

A one story house, cottage or cabin.

 

CLOSE

The final procedure in a home sale in which documents are signed and recorded.  This is the time when the ownership of the property is transfered.

 

CLOSING STATEMENT

A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. that must be transacted for a successful transfer of ownership to take place.  

 

CO-BORROWER

A secondary person on the loan who is financially liable and is on title.

 

COMMERCIAL REAL ESTATE

Property that is solely used for business purposes.

 

CONDOMINIUM

A large property complex that is divided into individual units and sold.  Ownership usually includes a non-exclusive interest in certain "common properties" controlled by the condominium management.

 

CONTINGENCY

A home purchasing contract includes terms that must be met before the sale is finalized.  Examples of contingencies are home inspections or secured financing.

 

COOPERATIVE

Ownership of a multi-unit dwelling that is shared amongst the residents.  Each owner has shares giving them the right to occupy the apartment.

 

CREDIT REPORT

A detailed list of a person's credit accounts, both current and historical.  Credit bureaus will create these such as Equifax and TransUnion.  The reports are used to determine the credit worthiness of the person and the risk of lending to them.

 

DEED

A legal document that grants the bearer a right or privilege, provided that he or she meets a number of conditions.  In order to receive the privilege which is usually ownership, the bearer must be able to do so without causing undue hardship.  A person who poses a risk to society as a result of holding a deed may be restricted in his or her ability to use the property.  Deeds are most known for being used to transfer the ownership of automobiles or land between two parties.

 

DOWN PAYMENT

The amount of cash that is provided as a deposit and not included in the financing.

 

FAIR MARKET VALUE

The highest price that a buyer will pay for a property and the seller will sell for without obligation to either party.

 

INCLUSIONS

Items that are left when the property is sold as a part of the sale.  Examples of such items include window coverings and washers and dryers.

 

INVESTMENT REAL ESTATE

Real estate that generates income or is otherwise intended for investment purposes rather than as a primary residence.  It is common for investors to own multiple pieces of real estate, one of which serves as a primary residence, while the others are used to generate rental income and profits through price appreciation.  The tax implications for investment real estate are often different than those for residential real estate.

 

LAND

Property or real estate, not including buildings or equipment, that does not occur naturally.  Depending on the title, land ownership may also give the holder the rights to all natural resources on the land.  These may include water, plants, human and animal life, fossils, soil, minerals, electromagnetic features, geographical location, and geophysical occurrences.

 

LAND VALUE

The total value of the land, including any upgrades or improvements to the land.

 

REAL ESTATE SALES REPRESENTATIVE

A person with a provincial license to represent a buyer or a seller in a real estate transaction in exchange for commission.  Most Sales Representatives work for a real estate brokerage or agent.

 

TITLE SEARCH

The reviewing of public records to make sure that the vendor has the right to sell and transfer ownership of a property.

 

ZONING

Governement (usually municipal) laws that control the use of land within a jurisdiction.

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