Adjustment Date
The day from which all calculations of interest, tax adjustments, utility bill adjustments (if
applicable) are made to the credit of the either the buyer or seller. This is usually (but not
always) the same as the possession date.
Amortization
The number of years it takes to repay the entire amount of the mortgage.
Appraised Value
An estimate of a property’s market value used by lenders in determining the amount of the
mortgage.
Assessed Value
The value of a property, set by BC Assessment, and used by the local municipality for the
pruposes of calculating property tax.
Buy-down
When the seller reduces the interest rate on a mortgage by paying the difference between
the reduced rate and the market rate directly to the lender or to the buyer.
Closing
Completion of the real estate transaction when the parties involved agree that all legal and
financial obligations have been met and the deed to the property is transferred from the seller
to the buyer.
Closing Costs
Expenses in addition to the purchase price for buying and selling a property.
Conveyance
The term used to describe the process of transferring the seller’s title to the buyer and
indicates all the necessary steps to complete the transfer. This process is usually
undertaken by a conveyancing lawyer (or notary) acting for the buyer.
Counter Offer
An offer made by the seller back to the buyer altering one or several terms and/or conditions
of the offer as originally written.
Debt Service Ratio The percentage of a borrower’s income that can be used for housing costs. Gross Debt
Service (GDS) Ratio is the amount that a lender will permit a borrower to use from his/her
gross income in order to quality for a loan for housing costs, including mortgage payment
Deed
A legal document that conveys (transfers) ownership of a property to a buyer.
Easement
A legal right to use or cross (right-of-way) another person’s land for limited purposes. A
common example is a utility company’s right to run wires or lay pipe across a property.
Equity
The difference between the price for which a property can be sold and the mortgage(s) on
the property; equity is the owner’s stake in the property.
Foreclosure
A legal process by which the lender takes possession and ownership of a property when the
borrower does not meet the mortgage obligations.
Lien
Any legal claim against a property filed to ensure payment of debt.
Mortgage
A contract between a borrower and a lender. The borrower pledges the property as security
to guarantee repayment of the mortgage debt.
Mortgage Insurance
Government-backed or private-backed insurance protecting the lender against the borrower’s
default on high-ratio (and other types) of mortgages.
Mortgage - Blended
Equal or regular mortgage payments consisting of both a principal and an interest
component.
Mortgage - Conventional
A first mortgage issued for up to 75 per cent of the property’s appraised value or purchase
price, whichever is lower.
Mortgage - High Ratio
A mortgage that exceeds 75 per cent of the loan-to-value ratio; must be insured by either the
Canada Mortgage and Housing Corporation (CMHC) or by a private insurer to protect the
lender against default by the borrower who has less equity invested in the property.
Mortgage - Open
A mortgage that can be prepaid or renegotiated at any time and in any amount, without
penalty.
Mortgage - Variable Rate
A mortgage for which payments are fixed but whose interest rate changes in relationship to
fluctuating market interest rates. If mortgage rates go up, a larger portion off the payment
goes to interest; if rates go down, a larger portion of the payment is applied to the principal.
Mortgage - Vendor Take-Back
When sellers use their equity in a property to provide some of all of the mortgage financing in
order to sell the property.
Principal
The mortgage amount initially borrowed or the portion still owing on the mortgage. Interest is
calculated on the principal amount.
Property Disclosure Statement This form enables sellers to disclose known material latent defects and other defects. The
form also serves as a checklist for buyers enabling them to address concerns about the
property’s condition on the spot. The BC Real Estate Association developed the form.
Submission of the form is required before any listing is placed on the Victoria Real Estate
Board’s Multiple Listing Service® (MLS®) system.
Property Taxes
Location and the value of the property as determined by BC Assessment affect this levy.
Local government determines the rate of taxation. Property taxes are payable on an annual
basis.
Property Transfer Tax
Payment to the provincial government for transferring the property from the seller to the
buyer. Certain exemptions are available for first-time buyers.
REALTORS®
Real estate professionals licensed by the Real Estate Council of BC who are members of the
Victoria Real Estate Board and the British Columbia and Canadian Real Estate Associaitons.
Only these professionals can call themselves REALTORS®.
Rights-of-Way
These are indicated on title and the Land Title Office; often for use of utilities or city or
municipality in order to make repairs to pipes, etc. No permanent structure may be build on
a right-of-way.
Statements of Adjustments
Closing statements in a real estate transaction which set out the sources of funds which
make up the purchase price, adjustments to and from the purchase price, the final amount
required from the purchase and the amount due to the seller. Lawyers will prepare a
statement for the seller and the buyer.
State of Title Certificate
A copy of the title which lists charges against a property, e.g. liens, mortgages, rights-of-way,
etc.
Strata Common Property or Common Elements
The portions of a strata development owned in common (shared) by the unit owners, e.g.
pool exercise room, lobby, etc. A strata fee is charged to every unit owner for the use of the
common property.
“Subject-to” Clause
A statement of a condition to be fulfilled before the contract will become firm and binding;
must include a specific deadline for removal.
Title
The legal evidence of ownership in a property.
Title Search
A detailed examination of the ownership documents to ensure there are no liens or other
encumbrances on the property and no questions regarding the seller’s ownership claim.
Utility Taxes
Examples may include water, sewer and garbage (may include recycling levies).
Working with a REALTOR® Brochure
A brochure given to prospective buyers and sellers that explains the different kinds of agency
relationship that may be entered into with a REALTOR®.
Zoning Regulations
Strict guidelines set and enforced by municipal governments regulating how a property may
or may not be used. 作者: linafeng 时间: 2008-4-20 20:48
Mortgage - Conventional A first mortgage issued for up to 75 per cent of the property’s appraised value or purchase
price, whichever is lower.
Mortgage - High Ratio
A mortgage that exceeds 75 per cent of the loan-to-value ratio; must be insured by either the
Canada Mortgage and Housing Corporation (CMHC) or by a private insurer to protect the
lender against default by the borrower who has less equity invested in the property.
It should be 80% now.
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银行账户信息，定存投资，个人贷款，房屋贷款。如果你想得到更多的咨询或更快的回复，可以给我来电或email:
Lina Feng 冯莉娜
Financial Services Manager
Bank of Montreal Safeway Instore
1950 Foul Bay Road
Victoria, BC, V8R5A7
Tel:（250）405-5339 lina.feng@bmo.com 作者: jerryloveshome 时间: 2008-4-20 23:03
thank you, lina.
Seems like my info is outdated. haha
