The
following are applicable terms to the real estate process. To be better
informed, you may wish to familiarize yourself with these terms and
definitions.
Contract
An agreement between two or
more persons which creates an obligation to do or not to do a particular thing.
Contract
of Purchase and
A contract of purchase or
sale of land which contains the obligations of the vendor and purchaser with
respect to the purchase and sale.
Conveyance
The process of transferring
an interest in land from one person to another by way of a transfer
document. Conveyancing usually refers to the transfer of title to land
but also includes dealings such as assignments, leases and mortgages.
Counter-Offer
A statement by the
recipient of the offer which has the legal effect of rejecting the offer and of
proposing a new offer to the offeror (who then becomes the recipient of the
“new” offer).
Chattels
Articles of personal property (i.e., window coverings).
Fixture
A chattel attached to real
property; anything which has become so attached to the land as a form, in law,
part of the land.
Listing
price
The value at which a property is advertised for sale.
Market Value
The
expected or forecasted sales price.
Offer
A proposal to do or refrain from doing some specified thing usually followed by
an expected acceptance or counter-offer.
Property
Tax
You pay property tax on an annual basis for services you receive from your
local government.
Property
Transfer Tax
You pay property transfer tax each time you register a property at the land
title office