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
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