Canadian Financial, Real Estate and Mortgage Glossary

Realty Terms

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architectural significanceDefinition (Real-estate)
How important a structure is.
architecture, architectural or architect (arch.)Abbreviation (Abbreviation)
arpentDefinition (Real-estate)
An area equal to about 0.845 acres, traditionally used in France, Quebec and Louisiana. Nowadays, hectares and acres are more commonly used measurements of area.
as is where isDefinition (Real-estate, Legal-contracts)
The buyer must examine the goods or property and buy at his or her own risk.
asbestos (asb)Definition (Real-estate, Abbreviation)
A fire-resistant element that once was commonly used for insulation. It poses a lung hazard.
asking priceDefinition (Real-estate)
The amount of money the seller requests for the property or item.
assessed value (AV, ast)Definition (Mortgages, Real-estate, Taxation, Abbreviation)
A municipal or provincial government's determination of a property's worth for tax purposes.
assessed value of building (AVB)Acronym
assessed value of land (AVL)Acronym
assessment rollsDefinition (Mortgages, Real-estate, Taxation)
Lists of taxable property.
assessmentsDefinition (Real-estate, Taxation, Legal-contracts)
Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
assessor's parcel number (APN)Acronym
assigneeDefinition (Estate-management, Real-estate, Insurance, Legal-contracts)
A person appointed to acquire (take) an item, such as a property.
assignorDefinition (Estate-management, Real-estate, Insurance, Legal-contracts)
assumabilityDefinition (Mortgages, Real-estate)
The ability of a mortgage to be taken over from the original borrower by a new borrower.
assumableDefinition (Mortgages, Real-estate)
A loan or obligation that can be taken over by a new borrower.
assumable mortgageDefinition (Mortgages, Real-estate)
A mortgage that can be taken over or "assumed" by the buyer when a home is sold.
assumption (asm)Abbreviation (Abbreviation)
assumption clauseDefinition (Mortgages, Real-estate, Legal-contracts)
A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.
assumption feeDefinition (Mortgages, Real-estate, Legal-contracts)
A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
Atlantic Home Warranty Program (AHWP)Company Est.1976, Halifax, Nova Scotia, Canada
  ➥  Originally established by HUDAC (The Housing and Urban Development Association of Canada).
attached (att, attd)Definition (Real-estate, Abbreviation)
Something that is affixed to a property.
  ➥  As in attached garage.
attached structureDefinition (Real-estate)
A building that is attached to another building.
attorney (Atty)Abbreviation (Abbreviation)
average days on market (ADM)Acronym
aviation easementDefinition (Real-estate, Legal-contracts)
An agreement that grants the right to fly airplanes over property, even if the practice causes damage, inconvenience, or loss of property value. Such an agreement usually restricts the property owner from building or growing anything over a specified height.
back on market (BOM)Acronym
A property that was offered for sale, became unavailable, but is now offered for sale once again.
back title letterDefinition (Real-estate, Insurance, Legal-contracts)
A document that a title insurance company gives to an attorney specifying condition of the title.
backup offerDefinition (Real-estate)
A bid for a property that the owner will consider if the current transaction falls through.
bargain and sale deed (BSD)Acronym
bargain saleDefinition (Real-estate)
Transfer of property or an item for less than market value.
bedroom (b/r, bd, bdrm, br)Abbreviation (Abbreviation)
bedroom communityDefinition (Real-estate)
A suburb in which most residents commute to the city to work.
below market value (BMV)Acronym
best offer (BO)Acronym
bettermentDefinition (Real-estate)
An improvement or replacement that increases a property's value.
bidding warDefinition (Real-estate)
Multiple, competing offers for a piece of property or item that escalate the price. Usually results in a happy seller.
bilateral contractDefinition (Real-estate, Financial-banking, Legal-contracts)
A legal agreement in which both parties promise to give each other something. A purchase agreement in which the buyer promises to give money and the seller promises to transfer property is a bilateral contract.
bill of sale deed (BSD)Acronym
binderDefinition (Real-estate, Legal-contracts)
An agreement to consider the purchase of real estate. The agreement is secured and backed by a cash deposit as evidence of good faith on the part of the purchaser.
blighted areaDefinition (Real-estate)
An ugly, run-down neighbourhood.
block (blk)Abbreviation (Abbreviation)
Blue Mountain Real Estate (BMRE)Company, Collingwood, Ontario, Canada
blueprint (bprt)Definition (Real-estate, Abbreviation)
The drawing of a structure by an architect or designer, used for construction and getting permits.
board footDefinition (Real-estate)
A measurement of lumber equivalent to 1 inch thick, 1 foot long, 1 foot wide.
bona fideDefinition (Real-estate, Legal-contracts)
In good faith. In real estate, a bona fide purchaser or seller has the legal right to give or receive title.
bona fide purchaser (BFP)Acronym
bonus room (bns rm)Definition (Real-estate, Abbreviation)
A large multi-purpose room found in newer or larger homes.
bonus to selling agent (BTSA)Acronym
book valueDefinition (Real-estate, Insurance, Financial-banking, Legal-contracts)
The value of a property, item or company as a capital asset based on its cost plus any additions, subtracting depreciation.
Previous Page
AbandonmentArchitectural Fees
Currently Displayed — Page 2
Architectural Significance — Book Value
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Search the Glossary

Index of Realty Terms

Page 1: Abandonment
Architectural Fees
Page 2: Architectural Significance
Book Value
Page 3: Boot
Page 4: Carport
Commercial Property...
Page 5: Commercial Property Manager
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

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