Amortization – the number of years it will take to pay back your mortgage loan
Appreciation – the increase in value in a home from when the home was first purchased
Approved Lender – a lending institution authorized by the Government of Canada to make loans under the terms of the National Housing Act.
Bottom line – originates from the last line in a financial statement, statement of adjustment, or disclosure statement, which shows profit or loss. In real estate this refers to the profit (or loss) a homeowner receives when they sell their property.
Boutique Hotel - sometimes known as "design hotels" or "lifestyle hotels", boutique hotels are usually individually owned and considerably smaller than mainstream hotels, and offer unique and luxurious environments. The concept originated in
Buyer’s Market – a market condition where there is a higher number of homes to choose from than buyers able to purchase.
Class “A” Office Space - describes the highest quality office space locally available. Class A office space is usually built in multi-story (3 floors or more) buildings using structural steel and composite concrete construction.
Closed Mortgage – a mortgage loan that has a locked-in payment schedule and cannot be prepaid or renegotiated before the term’s end.
Condominium Fees or Strata – payments made by owners of condominiums or town homes to the property management of a complex that is allocated to pay expenses, such as maintenance, repairs and management costs.
Counteroffer – when an original offer to the seller is not accepted, the seller may counteroffer or provide a new offer.
Default – failure to abide by the terms of a mortgage loan agreement.
Delinquency – failing to make a mortgage payment on time.
Deposit – a sum of money placed in trust by the purchaser when an Offer to Purchase is made. The real estate representative to lawyer holds the sum until the sale is closed, and then it is paid to the vendor.
Depreciation – the decrease in value in a home from when the home was first purchased.
Equity – the difference between the price for which a property could be sold and the total debts registered against the property.
Foreclosure – a legal process in which the lender takes ownership of a home if the borrower defaults on the mortgage loan.
Fractional Ownership – in real estate this refers to a percentage share of a property. Shared ownership of the property entitles shareholders to certain usage rights, usually in the form of weeks.
Gross Debt Service Ratio (GDS) – the percentage of the borrower’s gross monthly income that will be used for monthly payments of principal, interest, taxes, heating costs, and half of any condominium maintenance fees.
Lien – a claim against a property for money owing.
Lifestyle Centre - a shopping center or mixed-used commercial development that combines the traditional retail functions of a shopping mall but with leisure amenities.
Mixed-use – A property in which a portion is used for commercial or retail purposes and the other portion is used for residential purposes.
Mortgage – security for a loan to purchase property.
Mortgagee – the lender who provides the mortgage loan.
Mortgagor – the borrower who pledges the property as security for the loan.
Open Mortgage – a mortgage that can be prepaid or paid off or renegotiated at any time without penalty. Interest rates for open mortgages are typically higher than the interest rates for closed mortgages.
Principal – the amount of money borrowed for purchase of your home.
Real Investment – a purchase of real estate made with the hope of getting a future return from it.
Recreation Property –A property, that is typically a second or third property, or revenue property, used for recreation.
Renewal – the borrower re-negotiates the mortgage loan for a new term with the lender at the end of a mortgage term.
Second Mortgage – an additional mortgage on a property that already has a mortgage OR a mortgage on a second property.
Seller’s Market – a market condition where there is a higher number of buyers than homes available to purchase.
Strata – (see condominium fees.)
Timeshare - A timeshare is a form of vacation property ownership. With timeshares, the buyers own units of time, rather than units of property. The use and costs of running the resort are shared among the owners.
Term – the length of time during which the borrower pays a specific interest rate on the mortgage loan. At the end of the term, the buyer either pays off the mortgage or renews it.
Title – a title gives the holder full and exclusive ownership of the land and building for an indefinite period.
Total Debt Service Ratio (TDS) – the percentage of the borrower’s gross monthly income needed to cover all housing payments and debts, such as car payments and credit cards.
Sources:
Merriam-Webster Online
Wikipedia
HGTV