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Real Estate Terms
Adjustment Date – Date agreed to by both parties to a real property transaction for the adjustment of property taxes, rent, interest, and other items.
Agent – Has two meanings as follows: (i) as defined by the Real Estate Act, an agent is a person who has met specified licensing qualifications and who acts on behalf of another in a real estate transaction with the expectation of payment for services rendered. An agent, as defined by the Act, may employ a salesman to do virtually everything referred to in the definition of agent. (ii) at common law an agent is any person who contracts to act for or on behalf of another, who in turn, is known as the principal. The common law principles of agency apply to both an agent and a salesman, as defined by the Act, when they are acting on behalf of a vendor or purchaser;.
Appraisal – The estimation of the value of a legal interest in land.
Completion Date – Date on which the purchaser’s solicitor undertakes to the vendor (or their solicitor) that they will pay the balance owing to the vendor upon the Transfer of Title being accepted for registration.
Condition – A fundamental term of a contract, a breach of which allows the injured party to terminate the contract and/or sue for damages or Specific Performance.
Condition Precedent – Legal term for a “subject to” clause. In contract law, a condition precedent calls for the happening of some event or the performance of some act before the contract shall be binding upon the parties.
Contract – An agreement between two or more persons which creates an obligation to do or not to do a particular thing.
Contract of Purchase and Sale – A contract of purchase or sale of land which contains the obligation of the vendor and purchaser with respect to the purchase and sale. You may also find that this type of contract is referred to as an Interim Agreement.
Conveyance – The process of transferring an interest in land from one person to another by way of a transfer document. Conveyancing usually refers to the transfer of title to land but also includes dealings such as assignments, leases, and mortgages.
Counter-Offer – A statement by the recipient of the offer which has the legal effect of rejecting the offer and of proposing a new offer to the offeror (who then becomes the recipient of the “new” offer).
Deed – A document used to transfer an interest in land from one party to another.
Deposit – An amount deposited with the agent by the purchaser when an offer to purchase is made.
Easement – A limited right of use of another’s land by a landowner for the benefit of his land. The land receiving the benefit called the dominant tenement and the land granting the benefit is called the servient tenement.
Fee Simple – The legal term for the maximum interest in land available to a person, or thje maximum of legal ownership. Equivalent in many ways, for practical purposes, to absolute ownership.
Fiduciary – A person who holds a position of trust with respect to someone else and is obliged, by virtue of the relationship of trust, to act solely in the other person’s benefit.
Foreclosure – A legal action taken by a mortgagee to obtain possession of a property, by reason of the mortgagor’s default in payment of the principal and/or interest of the mortgage debt.
Improvement – A structural addition to the land which can be considered to be a fixture.
Indefeasibility – A legal principal. In B.C., subject to certain statutory exceptions, the Title Register is conclusive evidence that the person named as holding an interest in land is in fact entitled to that interest, and his holding is not subject to any condition or encumbrance other than those shown on the Title Register.
Interest – The dollar value which represents the cost of borrowing or the benefit of lending money.
Interest Rate – The percentage rate that represents the cost of borrowing or the benefit of lending money.
Lease – An instrument granting exclusive possession of land to another for a specified term, usually at a rent.
The one who grants the lease is called the Landlord (or Lessor) and the one to whom it is granted is called the Tenant (or Lessee).
Listing Agreement – The Multiple Listing Contract is the agreement signed between the owner or vendor of real estate and the Listing Agent, a real estate licensee. It contains a number of clauses outlining such things as the property to be sold, how the property will be sold, how much the property will be sold for, the commission the seller will pay the Listing Agent if the agent meets the requirements outlined in the agreement, and much more. This document is submitted to the Real Estate Board when the property is listed for sale.
Listing Price – The value at which a property is advertised for sale.
Mortgage – A document evidencing a deb owed by the borrower (mortgagor) to the lender (mortgagee). Registration of the mortgage in the Land Titles Office transfers the mortgagor’s interest in land to the mortgagee as security for the repayment of the debt.
Offer – A proposal to do or refrain from doing somme specified thing usually followed by an expected acceptance, counter-offer, return promise or act. The person who makes the offer is called the offeror. The recipient of the offer is called the offeree.
Possession Date – Date on which the purchaser is entitle to possession of the property.
Property Disclosure Statement – The Property Disclosure Statement or “PDS” is a written record of representations made, and not made, by the sellers about the property. The PDS is normally completed and signed by the sellers at the time the listing is taken.
Applied Real Estate Course Manual
Revocation – The term for the cancellation f an offer communicated by the oferor to the offeree prior to acceptance.
Time Clause – A clause contained in a contract for purchase or resale of land which allows a party to invoike a time period in which a condition precedent must be removed. A failure to remove the condition precedent within the time period would result in the termination of the contract.
Property Disclosure Statement – The Property Disclosure Statement or “PDS” is a written record of representations made, and not made, by the sellers about the property. The PDS is normally completed and signed by the sellers at the time the listing is taken.
Applied Real Estate Course Manual
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