Land Contract A legal contract or agreement for the sale of property where the buyer takes possession while making payments, but the seller holds the title until full payment is received. Land Title The legal document conveying title to a property. Land Titles System A system used for the registration of land. Under this system, the registrar or master of titles passes on the validity of … [Read more...]

Joint Credit Credit that is issued to two people based their credit reports and their combined assets and incomes. The repayment of joint credit is the responsibility of both parties. Joint Liability When two or more people are responsible for repaying a single debt. Joint Tenancy When two people (typically spouses) both own an undivided interest in a property. If one joint tenant … [Read more...]

Gable A triangular wall enclosed by the sloping ends of a ridged roof or a triangular decorative feature Gable roof A ridged roof that forms a triangle at each end General contractor The person who hires all of the subcontractors and suppliers for a project. GDS Ratio Gross Debt Service Ratio. Lender's allowable ratio of gross monthly payment to gross monthly income of mortgage … [Read more...]

Easement Restriction of the right of ownership for reasons of private interest, general interest or public use. Right of access or use of land by others, for a defined purpose (passage, parking, public utilities, etc.). Equity The difference between the price for which a home could be sold and the total debts registered against it. Equity usually increases as the mortgage is reduced through … [Read more...]

Deposit A sum of money that accompanies a promise to purchase an immovable. The deposit must be placed in a trust account and will be deducted from the balance payable at the signing of the act of sale, or it will be returned to the proposer if the sale does not go through. Description sheet Document on which a real estate broker or agent has presented the features (construction year, taxes, … [Read more...]

Cadastral designation Information concerning an immovable (location, area, value, etc.), contained in the cadastre for a given region. Cadastre Public register containing the technical data on each immovable in a given region (lot). A lot number used to publish the applicable rights is assigned to each property indexed in the cadastre. Certificate of location Document containing a … [Read more...]