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 the instrument and determines its legal effect with the Government’s guarantee of the title.

Land transfer tax
A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.

Latent Defect
A deficiency or fault within a property that is not easy to see or visibly detectable, such as termite damage or traces of radon above safe levels. [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 passes away, the other receives the title to the entire property. [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 applicant. [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 regular payments. Market values and improvements to the property may also affect equity.

Evaluation
Process which consists in estimating the market value of an immovable based on the general condition of its components and its specific features. The evaluation is often the result of a comparison with similar immovables up for sale or having recently been sold in the same area.

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, measurements, etc.) of an immovable covered by a real estate brokerage contract.

Depreciation
The decrease in value of something because it is now worth less than when you bought it.

Down payment
Personal contribution of the buyer to the financing of an immovable. Cash portion deducted from the selling price, which determines the amount of financing required to complete the purchase.

Note: If the deposit for the purchase of the immovable is less than 20% of the purchase price, the loan must be insured by the Canadian Mortgage and Housing Corporation (CMHC), Genworth, AIG United Guaranty or PMI.

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 report and a plan, in which the land surveyor expresses his opinion on the location and condition of an immovable compared to the titles and the cadastre as well as laws and regulations governing the immovable. Read the complete entry >>