Glossary of Real Estate Terms

Amortization

Anniversary

Appraisal

Appraised Value

Approved Lender

Assumption

Balanced Market

Blended Payment

Building Permit

Buyer's Market

Closed Mortgage

Closing Costs

Closing Date

CMHC

Collateral Mortgage

Commitmetn Letter / Mortgage Approval

Conditional Offer / Conditions of Sale

Conventional Mortgage

Covenant

Conveyancing

Deed

Default

Discharge of Mortgage

Down Payment

Easement

Encumbrance

Equity

FHLI

Foreclosure

Gross Debt Service Ratio

High-Ratio Mortgage / Insured Mortgage Loan

Holdback

Interest

Interest Adjustment (IAD)

Interest Rate

Lending Value

Loan-to-Value Ratio

Lien (Mechanics)

Maturity Date

Mortgage

Mortgage Life Insurance

Mortgage Loan Insurance

Mortgage Payment

Mortgagee

Mortgagor

Net Worth

NHA Premium

Offer to Purchase

vOpen Mortgage

Option Agreement

PIT

PITH

Pre-Approved Mortgage

Prepayment Privileges

Principal

Property Purchase or Land Transfer Tax

R>EALTOR®

Deposit

Refinance

Regular Mortgage

Renewal

Second Mortgage

Seller's Market

Strata or Condominium Fee

Statement of Adjustment

Survey

Term

Title (Freehold or Leasehold)

Total Debt Service Ration (TDS)

Variable-rate Mortgage

Seller Take-Back Mortgage

Zoning Bylaws

The period of time required to reduce a debt to zero when payments are made regularly. Amortization periods are most often 15, 20, or 25 years long.

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