Legal Fees and Disbursements
Some of the legal costs associated with selling or purchasing a property. It’s in your best interest to engage the services of a real estate […]
Read moreFAQ Category: Glossary
Prepaid Property Tax and Utility Adjustments
The amount you will owe if the person selling you the home has prepaid any property taxes or utility bills. The amount to reimburse them […]
Read moreProperty Survey
A legal description of your property and its location and dimensions.
Read moreAmortization
The number of years you take to fully pay off your mortgage (not the same as your mortgage term). Amortization periods are often 15, 20, […]
Read moreAssuming a Mortgage
Taking over the obligations of the previous owner’s mortgage when you buy a property. You are still required to qualify for the mortgage.
Read moreCanada Mortgage and Housing Corporation (CMHC)
A Crown corporation that administers the National Housing Act for the federal government and encourages the improvement of housing and living conditions for all Canadians. […]
Read moreClosing Costs
Costs that are in addition to a property’s purchase price and payable on the closing date. Examples include legal fees, land transfer taxes, and disbursements.
Read moreClosing Date
The date on which the sale of a property becomes final and the buyer takes possession of the property.
Read moreDown Payment
The money that you pay upfront for a house. Down payments typically range from 5%-20% of the total value of the home.
Read moreGenworth Financial Canada
A private mortgage insurance company. One potential source of mortgage insurance for high-ratio mortgages.
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