GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Realty Terms

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securityDefinition (Investments, Real-estate, Financial-banking)
A tradable financial implement that represents ownership, the rights to ownership or debt.
self-build insuranceDefinition (Mortgages, Real-estate, Insurance)
Insurance that covers a homeowner for problems involved in a construction project.
seller brokerDefinition (Real-estate)
One who earns a commission from the seller of a property in exchange for finding a buyer and assisting in negotiation.
seller finance option (SFIN)Acronym
seller property information statement (SPIS)Canada
seller's marketDefinition (Real-estate, Financial-banking)
Due to either low supply or high demand, the seller can expect to sell quickly with a high sale price.
semi-custom homeDefinition (Real-estate)
A house in which the buyer cannot alter the layout, but can specify amenities such as type of cabinets and floor coverings.
Senior Real Estate Specialist (SRES)Acronym (Designation)
Senior Right of Way Agent (SRWA)Acronym (Designation)
Signature Service Real Estate (SSRE)Company, Canada
single family dwelling (SFD)Acronym
single family residence (SFR)Acronym
single-family (SF, sfam)Acronym & Abbreviation (Abbreviation)
single-family detached homeDefinition (Real-estate)
A house that one family lives in and is not attached to another house (like a duplex).
Société Immobilière Trans-Québec (SITQ)Quebec, Canada
  ➥  French acronym for Trans-Quebec Real Estate Company.
soil percolation test (Perc test)Abbreviation (Abbreviation)
South Okanagan Real Estate Board (SOREB)Company Est.1979, Canada
Special Situation Property Fund (SSPF)Canada
  ➥  Targets real estate investment that seek to provide a moderate level of current income and high residual property appreciation.
special warranty deed (spded)Abbreviation (Abbreviation)
speculation builderDefinition (Real-estate)
A developer that builds houses without a commitment from a purchaser.
speculation homeDefinition (Real-estate)
A house built before a buyer has been found, on the assumption that one will be found.
square feet (sf, sq ft)Abbreviation (Abbreviation)
square footageDefinition (Real-estate)
The area within a building, calculated by measuring the rooms by length and width.
starter homeDefinition (Real-estate)
A dwelling that is relatively small and inexpensive and bought as a first home.
step down leaseDefinition (Real-estate, Financial-banking)
A lease providing for decreases in rental payment at specified dates.
step up leaseDefinition (Real-estate, Financial-banking)
A lease providing for increases in rental payment at specified dates.
studyDefinition (Real-estate)
A room used for reading or work
subagentDefinition (Real-estate)
A real estate agent who finds a buyer for a property, and is not the property's listing agent. The subagent usually earns a portion of the commission.
subcontractorDefinition (Real-estate)
A person or company that does specialty work for a general contractor.
subdivideDefinition (Investments, Real-estate)
To split something (like a plot of land) into smaller sections.
subdivision (subd)Abbreviation (Abbreviation)
subletDefinition (Investments, Real-estate, Legal-contracts)
An arrangement where a tenant leases property to a subtenant.
supplemental environmental impact statement (SEIS)Acronym
survey (srvy)Definition (Real-estate, Abbreviation)
A map executed by a licensed surveyor, which sets down precisely the boundaries of a given property as well as improvements, references to known landmarks, and the property's notable features.
  ➥  As in surveyed land.
takeout mortgage loanDefinition (Mortgages, Real-estate)
A long term mortgage loan that is advanced to borrower on completion of construction or in compliance with any other conditions in the loan commitment. The funds are normally used to pay off or take out the construction lender.
tax lienDefinition (Mortgages, Real-estate, Taxation, Financial-banking)
A claim, or obstacle, to the sale of property because of unpaid taxes. The property's title can't be transferred until liens are paid.
tax saleDefinition (Real-estate, Taxation)
A government sale of property to recover unpaid taxes.
tear-down conditionDefinition (Real-estate)
A house that is bought so it can be razed to make room for a newer house; usually located in a spectacular setting.
temporary certificate of occupancy (TCO)Acronym
  ➥  Zoning bylaw.
tenancy by the entirety (TBE)Definition (Estate-management, Real-estate, Financial-banking)
An arrangement where spouses have an undivided interest in a property. If a spouse dies, the other retains ownership.
tenancy in commonDefinition (Estate-management, Real-estate)
Ownership by two or more people in which each person owns an undivided interest in the entire property and all have equal rights to use the property. When one tenant in common dies, that person's interest may be sold, mortgaged or transferred to another in a will.
tenantDefinition (Real-estate, Financial-banking, Legal-contracts)
One who rents property.
tenant improvements (TI)Acronym
Tenant improvements are interior structural changes made to a residential or commercial building prior to tenant occupancy.
Tenant Protection Act (TPA)Ontario, Canada
An Ontario law that governs tenant and landlord relations for residential rental agreements.
  ➥  Replaced Landlord and Tenant Act in June of 1998. The Tenant Protection Act was replace again by the Residential Tenancies Act, 2006 (RTA).
tenureDefinition (Real-estate)
The act, fact, or condition of holding something in one's possession such as real estate. A period during which something is held.
terms (trms)Abbreviation (Abbreviation)
timeshareDefinition (Real-estate)
A form of multiple ownership of a piece of property in which each owner has access to the property for a period during the year. Most timeshares are vacation homes in resort areas.
titleDefinition (Real-estate, Legal-contracts)
Evidence of a person's right to possession ownership of a property.
title companyDefinition (Real-estate)
A company that checks a property's title for liens and other obstacles to sale, fixes any clouds to title, supervises the closing transaction, and makes sure that money transfers in a purchase are processed correctly.
title defectDefinition (Real-estate, Legal-contracts)
A legal claim by others to property, or the right to make demands upon an owner.
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Index of Realty Terms

Page 1: Abandonment
Architectural Fees
Page 2: Architectural Significance
Book Value
Page 3: Boot
Caravan
Page 4: Carport
Commercial Property...
Page 5: Commercial Property Manager
Covenantor
Page 6: Credit Repository
Electric or Electricity
Page 7: Elevator
Flood Plain
Page 8: Floor Plan
Inspection Report
Page 9: Inspection Required
Local Improvement Charge
Page 10: Local Taxes
New Home Warranty Program
Page 11: Newfoundland Association of...
Price Related Differential
Page 12: Prince Edward Island Real...
Real Estate Investor
Page 13: Real Estate Magazine
Second Home Mortgage
Page 14: Security
Title Defect
Page 15: Title Insurance
Yukon Real Estate...
Page 16: Zero
Zoning

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