GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Realty Terms

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inspection required (insp)Abbreviation (Abbreviation)
Institute of Canadian Real Estate Investment Managers (ICREIM)Company
  ➥  Assumed by REALpac (Real Property Association of Canada) on December 31, 2010.
insurable titleDefinition (Real-estate, Insurance)
A title that can be insured.
intercom (intcom)Abbreviation (Abbreviation)
A two-way communication system with speakers, microphones and sometimes video feeds used to identify visitors before unlocking the door to the building.
interior (int)Abbreviation (Abbreviation)
International Consortium of Real Estate Associations (ICREA)Company
internet data exchange (IDX)Acronym
  ➥  MLS term.
Internet Real Estate Express (IREX)Canada
investment propertyDefinition (Investments, Mortgages, Real-estate, Financial-banking)
Property bought with the hope of it making money.
Investors Multiple Listing Service (IMLS)Acronym
irregular (irr)Abbreviation (Abbreviation)
jack and jill bathroomDefinition (Real-estate)
A bathroom shared by two bedrooms.
joint tenancyDefinition (Real-estate, Financial-banking)
When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.
joint ventureDefinition (Real-estate, Financial-banking)
A partnership between two or more parties for the purpose of purchasing, owning, and/or developing real estate for a specific purpose and duration.
jointly-owned propertyDefinition (Real-estate, Financial-banking)
A property held in the name of more than one person.
Jones Lang LaSalle (JLL)Company Est.1999, Canada
  ➥  Although Jones Lang LaSalle was formed through a merger in 1999, the company's roots go back to 1783.
key lotDefinition (Real-estate)
A lot of which ownership is essential in acquiring a piece of land for development, either because of its strategic location or the timing of the acquisition.
Kingston Area Real Estate Association (KAREA)Company, Kingston, Ontario, Canada
Kingston Rental Property Owners Association (KRPOA)Company, Kingston, Ontario, Canada
Kootenay Real Estate Board (KREB)Company, British Columbia, Canada
lakefront (lkfrt)Abbreviation (Abbreviation)
landDefinition (Real-estate)
The solid ground of the earth. This can include everything under it and over it. For example, Condominium Acts do divide land horizontally thereby limiting the vertical ownership.
land contract (LC)Definition (Real-estate, Legal-contracts)
An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made.
land lotDefinition (Real-estate)
A piece of land owned by an individual or entity.
land titleDefinition (Real-estate, Legal-contracts)
The legal document conveying title to a property.
land titles systemDefinition (Real-estate)
This is a system of land registration under which the registrar or master of titles passes on the validity of the instrument, determines its legal effect, and the Government guarantees title.
land transfer tax (LTT)Definition (Mortgages, Real-estate, Taxation)
A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.
Land Transfer Tax Act (LTTA)Canada
landlordDefinition (Real-estate, Financial-banking)
One who rents or leases his or her property to another person or a business.
Lanesborough Real Estate Investment Trust (LREIT)Company, Winnipeg, Manitoba, Canada
latent defectDefinition (Real-estate)
A deficiency in a piece of property that can't be seen easily, such as termite damage or the presence of dangerous levels of radon.
lease extensionDefinition (Real-estate, Financial-banking)
The continuation of an existing lease, at the original monthly payment, usually on a month-by-month basis.
lease optionDefinition (Real-estate, Financial-banking, Legal-contracts)
A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period
leasehold (l/h)Definition (Real-estate, Financial-banking, Abbreviation)
Land or property held under a lease for a term of years.
legal description (lgdc)Definition (Real-estate, Legal-contracts)
A way of identifying a piece of property in writing that is acceptable to a court.
legal fees and disbursementsDefinition (Mortgages, Real-estate, Financial-banking)
Charges paid on your behalf by a solicitor that are in addition to professional costs.
lesseeDefinition (Real-estate, Legal-contracts)
The person who signs a lease.
lessorDefinition (Real-estate, Legal-contracts)
The person who grants a lease.
letter of intentDefinition (Real-estate, Legal-contracts)
A formal notification that a buyer intends to buy property. It is not legally enforceable.
Licensed Real Estate Agent (LREA)Acronym (Designation)
lienDefinition (Real-estate, Legal-contracts)
A legal hold or claim of a creditor on the property of another.
lien holdbackDefinition (Mortgages, Real-estate, Legal-contracts)
The practice of mortgagees withholding up to 15% of mortgage monies advanced on new construction.
liquidationDefinition (Real-estate, Financial-banking)
To convert into cash.
lis pendensDefinition (Real-estate, Legal-contracts)
A legal document giving notice that an action or proceeding is pending in the courts which affects the title to the designated property.
listing inventoriesDefinition (Real-estate)
The dwellings for sale in a given market.
live open house (LOH)Acronym
live-work spaceDefinition (Real-estate)
A dwelling, such as a loft, in which the occupant both lives and conducts business.
living area (LA)Acronym
load-bearing wallDefinition (Real-estate)
Any exterior wall or interior wall that supports its weight and the weight of other parts of the building.
local improvement chargeDefinition (Real-estate, Taxation)
A fixed annual fee levied by a municipality against specific real property for a specific period which amortizes the capital costs of local improvements such as sewers, paved roads, etc. This charge is in addition to real estate taxes.
Previous Page
Floor PlanInspection Report
 
Currently Displayed — Page 9
Inspection Required — Local Improvement Charge
  Next Page
Local TaxesNew Home Warranty Program

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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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