Every Day Real Estate Terminology in Alberta

Every Day Real Estate Terms in Alberta

Helping You Understand the Language of Real Estate

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A

Accelerated Payments: A mortgage payment option whereby the monthly mortgage payment is either split in half or in quarters and is paid every two weeks (bi-weekly) or every week (weekly).
Accessibility: A building design concept that relates to individuals with disabilities. It refers to building features that facilitate entry or use by individuals with physical and/or sensory impairments.
Addendum: A document that is attached to, and made part of, an original contract as a result of making changes to elements that have already been agreed to.
Affidavit: A formal written statement of fact sworn to or affirmed by the author and witnessed as to the authenticity of the author’s signature before a person such as a notary or commissioner of oaths who is authorized to administer an oath.
Agent: An industry professional who is expressly or implicitly authorized to act or represent another party.
Amendment: A document that records a correction, addition, deletion or other changes to any previously agreed-to terms in the original contract.
Amortization: The gradual retirement of a debt by means of installment payments which often includes principal and interest.
Amortization Period: The length of time required to repay a mortgage by equal installments of periodic constant payments based on a set interest rate. The payments are typically a combination of principal and interest in blended amounts.
Amortization Schedule: A table illustrating the amount of principal and interest that comprise each of the periodic installments and the outstanding principal balance of the loan after each level payment is made.
Annual General Meeting: A meeting at which the Board of Directors and all members of a condominium corporation gather to elect a Board of Directors for the forthcoming year as well as discuss the finances, current issues and future plans for the condominium corporation. An annual general meeting must be scheduled within 15 months from the date on which the previous one was held.
Appraisal Process: A systematic analysis of the factors that bear upon the value of real estate. It consists of an orderly process by which the problem is defined, the work necessary to solve the problem is planned, and the data involved are acquired, classified, analyzed, and interpreted into an estimate of value.
Arrears: Past due payments.
Asbestos: A group of silicate minerals that naturally form in host rocks throughout the world. These minerals are made up of millions of thin, fibrous crystals that are strong, durable and resistant to heat, electricity, chemical corrosion, sound, and moisture.
Asking Price: The amount of money that a seller is asking or intends to ask for his or her property.
Assessed Value: The value placed on real property by a municipality as a basis for determining property taxes.
Assessment: The process of determining the property value for taxation purposes. Assessment is used to determine the property owner’s proportionate share of municipal taxes on an annual basis.
Assigned Parking Stall: A parking stall that is part of the common property and is therefore owned collectively by the condominium corporation. When a parking stall is assigned, the Board of Directors is effectively granting a unit owner sole benefit of that parking stall. However, responsibility for care and maintenance of the parking stall typically remains with the Board of Directors. The Board of Directors can choose to reallocate the assignment whenever they wish. These parking stalls are not individually illustrated on Condominium Plans.
Assigned Storage Area: A storage area that is part of the common property and is therefore owned collectively by the condominium corporation. When a storage area is assigned, the Board of Directors is effectively granting a unit owner sole benefit of that storage area. However, responsibility for care and maintenance of the storage area typically remains with the Board of Directors. The Board of Directors can choose to reallocate the assignment whenever they wish. These storage areas are not individually illustrated on Condominium Plans.
Assignee: A person to which an assignment (transfer) of property, rights or interest is made.
Assignor: A person who makes a transfer under an assignment.
Assignment: The act of transferring an interest in real property to another.
Associate: An individual who is licensed as a real estate associate or mortgage associate as defined in the Real Estate Act and as administered through the Real Estate Council of Alberta. An associate must be registered with a licensed brokerage in order to trade in real estate or deal in mortgages. An associate holds the basic licensing level in the real estate or mortgage brokerage industry.
Associate Broker: An individual who is licensed as an associate broker as defined in the Real Estate Act and as administered through the Real Estate Council of Alberta. An associate broker holds the qualifications of a real estate broker, but is not authorized to operate a brokerage. An associate broker is registered with a real estate brokerage and authorized to trade in real estate on its behalf.
Attached Goods: An improvement or personal property item attached to the real property or building. Whether an item becomes a fixture depends largely on the circumstances, with emphasis placed on the method of how the item is affixed to the property.

B

Backup Offer: A backup offer is when a buyer submits an Offer to Purchase on a property that is conditionally sold. If the seller accepts the backup offer, it would be next in line if the conditions are not satisfied on the conditional offer that is already in place.
Buyers’ Market: A real estate market condition where property supply is strong and buyer demand is weak.
Balanced Market: A real estate market condition where demand from buyers is in equilibrium with the supply of properties.
Bare Land Condominium Plan: A type of Condominium Plan in which units are individual parcels of land. The boundaries for units within a Bare Land Condominium Plan are defined by the width and depth of each parcel of land and identified using survey monuments (e.g. steel pins, wooden stakes) placed on or under the ground.
Barely Blended Condominium Plan: A type of condominium plan in which units within a bare land condominium have been re-divided into smaller units with boundaries that are defined by the space within a building. The new unit boundaries are based on walls, floors, and ceilings. In effect, a Barely Blended Condominium Plan combines a Conventional Condominium Plan with a Bare Land Condominium Plan.
Board Meeting (Condominiums): A meeting at which only the Board of Directors gathers to address the affairs of the condominium corporation. However, if the Board of Directors relies on any advisors (e.g. condominium manager), they may be asked to attend. Board meetings occur at regularly scheduled intervals.
Board of Directors (Condominiums): A group of individuals who are elected by unit owners to carry out the duties and responsibilities of the condominium corporation according to the rules and procedures set out in the bylaws and governing policies of the condominium.
Borrower: The party who obtains financing from a lender with the agreement that it will be repaid, with interest, within a defined timeframe.
Breach: A failure to fulfill an obligation under a contract.
Broker: The individual authorized by the Real Estate Council of Alberta to hold the classification of broker as defined in the Alberta Real Estate Act. The broker is responsible for the operation of the brokerage and the supervision of all its employees. The broker must be registered with the brokerage that he or she manages in order to trade in real estate or deal in mortgages. There can only be one broker for each brokerage.
Brokerage: The company, partnership or sole proprietorship licensed by the Real Estate Council of Alberta as a real estate brokerage authorized to trade in real estate or mortgage brokerage authorized to deal in mortgages. A brokerage must have a broker responsible for its operation.
Builders’ Lien: A lien for the unpaid value of work and/or materials in favour of the party who did the work on, or supplied the materials to a property, in accordance with the Builders’ Lien Act.
Builders’ Lien Act: Alberta legislation that allows registration of a lien against a property by any person involved in the building of, or improvements to, that property, including workers, contractors, and sub-contractors.
Building Codes: Provincial standards for the design, construction, and alteration of buildings to ensure the safety of future occupants and visitors to the premises. Alberta Building Code regulates the construction and safety of structures for both old and new buildings. Standards set by the Codes include electrical wiring, fire alarm systems, fire extinguishers, emergency routes, occupancy limits, lighting, and ventilation. These codes exist in addition to the requirements of the Municipal Land Use Bylaw.
Building Infrastructure: A core component of a building that participates in making a safe, healthy and comfortable environment for occupants.
Building Permit: The formal permission provided by a municipality for new construction or modification of an existing structure. See also Development Permit.
Building Structure: A core component of a building that creates the overall framework of the building.
Buyer: An individual who is in the process of purchasing real estate and enters into a purchase contract to that effect.

C

Caveat: Latin for “let him beware,” a caveat is a written legal notice registered against the title of a property warning that a claim or an interest has been made against the property by a third party. The registration of a caveat is only notice of a claim and does not relate to the validity of the claim being made.
Caveat Emptor: A doctrine of the common law that translates to “let the buyer beware.”
Certificate of Compliance: A confirmation from the municipality that the location of building(s), structures and development on a property comply with all the regulations of the Land Use Bylaw. The response may be either in the form of a stamped property survey if the existing development meets regulations or by way of a written letter if the development on the property does not meet regulations. A certificate of compliance is usually required by mortgage lenders and standard real estate purchase contracts.
Chattels: The movable items not securely affixed to the land or buildings, as furnishings and appliances that are not considered part of the real property. They may be referred to as personal property.
Client: The party in a real estate transaction that is represented by a real estate professional. As per the Real Estate Act Rules, a client is a person who has entered into a service agreement with an industry member whether or not that service agreement is in writing.
Commission: The remuneration paid for services as an agreed fee or percentage of sale price or property lease.
Common Area Maintenance Expenses: The costs charged in a commercial lease for the maintenance, repair, and replacement of the common areas, amenities and building systems of the property. These costs are typically assigned based on the amount of space leased.
Common Law: The accumulated legislation that is enacted by the courts. The courts create laws based on decisions (i.e. precedents) that were made previously by the same or different courts.
Common Property: The physical space that is not considered to be part of a unit within a condominium and that is jointly owned under the condominium corporation.
Common Property Expenses: The expenses associated with the maintenance, repair, and replacement of the common property of the condominium corporation.
Comparable Property: A property that has recently sold and is similar to the subject property.
Comparative Market Analysis: A method of property valuation used by real estate professionals for estimating the value of residential properties.
Competing Interests: When the interests of clients represented by the same brokerage compete with each other in regards to a real estate transaction or potential transaction.
Compliance Stamp: The official mark on a Real Property Report from a municipality confirming that a property’s location and improvements comply with the requirements of the Land Use Bylaw in that respective municipality.
Condition: An aspect of a contract that serves as an impediment to an enforceable contract, until such time as it has been satisfied or waived. Conditions are typically placed in a contract by a party to that contract in order to protect its interest(s) and include a specific period of time after which the condition(s) will expire. Each condition may have the same or a different expiry. Real estate purchase contracts may include conditions added for the benefit of the seller, buyer, or lender.
Conditional Offer: A conditional offer sets out the terms of the sale such as the purchase price, the date of closing, the names of the parties, and the amount of any required deposit, but it also includes conditions that must be met within a specified period of time in order for the contract to be binding on the parties. These conditions could include a satisfactory home inspection or financing acceptable to the buyer.
Conditional Sale: Is a real estate transaction where the seller has accepted the buyer’s Conditional Offer.
Condo Fees: The monthly fee set by the Board of Directors and paid by a unit owner to the condominium corporation.
Condominium: A form of property ownership that includes both the individual ownership of a unit and the shared ownership of common property with other unit owners.
Condominium Additional Plan Sheet: A document on which instruments for or against a Condominium Plan and condominium corporation are officially registered with Alberta Land Titles. It may also be referred to as the Condominium Sheet or Condo Sheet by real estate professionals.
Condominium Bylaws: Rules that govern the affairs and behaviour of a condominium corporation and individual unit owners. They work in conjunction with the Condominium Property Act and Regulation and empower the condominium corporation to control, manage and administer the units and common property. Bylaws may only be created, amended or repealed through the passing of special resolutions by the condominium corporation.
Condominium Document Reviewer: An individual who specializes in interpreting the information contained within the various documents associated with a condominium.
Condominium Documents: The package of documents that relate to the structure, finances and management of a condominium. The wide range of documents provides important information to industry professionals and to the sellers, buyers, borrowers and lenders with whom they work. Various documents related to the condominium may be obtained from the seller, member(s) of the Board or the property manager, as the case may be. In addition, some documents may be found on SPIN.
Condominium Fees: The monthly fee set by the Board of Directors and paid by a unit owner to the condominium corporation.
Condominium Unit: The separate parts of the overall condominium plan that are designated for private ownership and exclusive use of the owner. The unit boundaries and the unit factor for each unit are defined by the Condominium Plan. Also see Condominium Plan, Unit Boundaries and Unit Factor.
Conflict of Interest: A situation that undermines the impartiality of a person. According to the Real Estate Act Rules, a conflict of interest arises when there is a real or apparent incompatibility between an industry member’s interests and the interests of a client or potential client.
Confidential Information: Any information concerning a client, such as his or her financial information, personal situation, or the details of a real estate, mortgage brokerage or real estate appraisal transaction.
Consumer Protection Act: Alberta legislation that protects consumers from unfair business practices before, during or after a consumer transaction.
Conduct Deserving of Sanction: The behaviours and actions of an industry professional that contravenes the Real Estate Act, the Rules, the Regulations or the Bylaws.
Conventional Condominium Plan: A type of Condominium Plan in which units are defined spaces within a building. The boundaries for units for this type of Condominium Plan are determined by floors, walls and ceilings. All areas not included in the units are considered to be part of the common property.
Conversion Condominium: A condominium that involves the creation of units and common areas in an existing building through the registration of a Condominium Plan with Land Titles. Conversion condominiums typically involve buildings which previously offered rental accommodation or leased space, such as apartment buildings, offices, warehouses or storage facilities. Upon registration of a Condominium Plan, the former rented/leased spaces are converted into separately titled units.
Court of Queen’s Bench: The Superior Trial Court for the province of Alberta that hears trials in civil matters, criminal matters and appeals from decisions of the Provincial Court.
Current Real Property Report: A legal document produced by a land surveyor that clearly illustrates the boundaries of a property and the location of improvements to the land relative to the boundaries. It also illustrates other issues impacting the property, such as rights-of-way, easements, encroachments, etc. In addition, it may contain a surveyor’s opinion or concerns regarding these items. A current real property report (RPR) illustrates the up to date improvements on the land and their relationship to the property boundaries whereas an existing RPR may not illustrate the current state of a property if any improvements were made to the land since the date of the RPR.
Customer: The party to a real estate transaction that is not being represented by a real estate professional. As per the Rules, a customer is a person who has contacted, but not engaged or employed an industry member to provide services.

D

Damages: Monetary compensation that is awarded by a court in a civil action to an individual who has been injured through the wrongful conduct of another party.
Debt: The financial amount that is owed as a result of borrowing funds.
Debt Ratio: A comparison of the total monthly payments of a borrower’s debt to his or her income. It is used to determine whether the borrower can afford the debt obligation.
Debtor: A person who has the obligation of owing money to another party.
Default: The failure to fulfill contractual obligations such as the failure to make mortgage payments.
Default Charge: A charge imposed on a borrower who fails to make a payment as it comes due under a credit agreement or who fails to comply with any other obligation under a credit agreement, but does not include interest on an overdue payment.
Deposit (Condominium): A sum of money given by an owner to the condominium corporation to maintain, repair or replace common property that may be damaged, destroyed, lost or removed by a tenant of the owner.
Designated Agency: A concept where, through a written service agreement, the brokerage, the real estate professional and the client amend the agency responsibilities owed to the client as prescribed by the common law. In essence, the agency responsibilities are transferred from the brokerage to the individual real estate professionals registered with the brokerage which results in the rebuttal of the common law presumption of attributed knowledge.
Designated Agent: Refers to the individual real estate professional who carries out the designated agency responsibilities which have been transferred from the brokerage and which are owed to a client of the brokerage.
Detached Condominium: A style of residential condominium that has stand-alone, separate units.
Development Permit: A permit, issued in advance by the municipality, indicating approval for the overall use and planned construction for a particular parcel of land.
Discharge: To release a person from an obligation.
Discharge of Mortgage: The repayment of a mortgage and the legal document which confirms that the borrower is under no further liability to the lender in respect of the loan. In order to be effective, the discharge of the mortgage needs to be registered with the Land Titles Office.
Disclosure: The act of revealing knowledge and making information known. An industry professional is responsible to disclose openly and honestly all matters which are relevant or could result in a conflict of interest.
Dower Act: Alberta statute that protects the surviving spouse’s interest in the homestead upon the death of the other spouse. The Dower Act grants certain property rights to the untitled spouse (the spouse who is not on title) regarding this land/property.
Dower Rights: The property rights granted by the Dower Act to an untitled spouse (the spouse not on title) regarding the homestead. This applies when one spouse is the sole registered owner (one spouse on title). Dower rights include the right of a spouse to inherit a life interest (life estate) in the homestead. They also give the untitled spouse the ability to prevent the disposal of the property by the titled spouse, including the sale, lease or mortgaging of the property.

E

Easement: A right acquired by one party to use the land of another. Once registered on title, an easement is a binding interest in the land that runs with the land regardless of any change in ownership.
Electronic Transactions Act (Alberta): Alberta’s provincial legislation that outlines the requirements for ensuring that electronic records and transactions have the same validity and enforceability as traditional paper-based transactions.
Encroachment: A structure that is placed, erected, or built on an adjoining property. It also applies to soffits and eaves that overhang the adjoining land.
Encroachment Agreement: An agreement between the property owner and an adjacent property owner to condone a building or structure built on the adjacent property, be it private property or municipal property. The agreement sets out the terms and conditions for the intruding structure to remain and grants an easement to allow that owner to enter onto the adjoining property to maintain or repair the structure. The agreement is registered on the title of all properties it affects.
Encumbrance: The registered interests on the title of land that affect or encumber the title.
Environmental Site Assessment: A process that determines whether or not a property is contaminated and if so, to what extent and how to best remediate it.
Equity (Financial): The money left over if an individual or organization paid all of its liabilities, collected all that was owed it and sold all its assets.
Errors and Omissions Insurance: A form of business liability insurance intended to cover damages resulting from errors, omissions, and negligence by professionals that occurred in the course of providing their business services.
Estoppel: A person (the principal) acts in such a way as to lead a third party to believe that another party (the agent) has the authority to act on behalf of another. Note: this term should not be confused with an Estoppel Certificate.
Estoppel Certificate: A signed statement from the condominium corporation that confirms the financial information it provides regarding a unit is correct as of the date on the statement and can be relied on by a third party. Upon issuing the Estoppel Certificate, the condominium corporation is barred from changing any of the statements it has certified as correct.
Exclusive Representation Relationship: A real estate relationship between a brokerage and a client that gives the brokerage the sole right to represent the client in a trade or potential trade in real estate.
Exclusive Use Parking Stall: A parking stall that is part of the common property and therefore owned collectively by the condominium corporation. The use of this parking stall is essentially permanently leased to an individual owner. Responsibility and care for this parking stall is often delegated to the unit owner. On Condominium Plans registered after September 1, 2000, these parking stalls are illustrated using dashed lines. On Condominium Plans registered before September 1, 2000, these parking stalls are typically not differentiated from the rest of the common property.
Exclusive Use Storage Area: A storage area that is part of the common property and therefore owned collectively by the condominium corporation. The use of this storage area is essentially permanently leased to an individual owner. Responsibility and care for this storage area is often delegated to the unit owner. On Condominium Plans registered after September 1, 2000, these storage areas are illustrated using dashed lines. On Condominium Plans registered before September 1, 2000, these storage areas are typically not differentiated from the rest of the common property.
Express Agreement: An oral or written agreement made between the parties involved.
Express Consent: When an organization presents an opportunity for an individual to communicate agreement to a stated purpose. Unless the individual takes action, the organization cannot assume consent has been given. Express consent may be given verbally or in writing.

F

Facilitation Services: The services by which the interests of a client are met in an even-handed, objective and impartial manner without providing confidential advice, advocating on behalf of either client or using discretion or judgment that benefits one client of the other client.
Fee Simple: The highest estate form of land/property ownership with the most rights with the fewest limitations. Although generally considered absolute ownership, it is still subject to the restrictions imposed by government.
Fiduciary Duty: A legal duty requiring a real estate professional to act at all times in the client’s best interests.
Fixtures: An improvement or personal property item attached to the real property or building. Whether an item becomes a fixture depends largely on the circumstances, with emphasis placed on the method of how the item is affixed to the property. See also Attached Goods.
For Sale by Owner: The process of selling a property that is for sale by the owner without the representation of a real estate industry professional.
Foreclosure: The legal process by which a lender takes possession and ownership of a property due to the borrower’s failure to comply with the terms and conditions of the mortgage agreement.
Foundation: A building system consisting of a base that a building rests upon.
Frustration: A basis to discharge or terminate a contract due to unforeseen circumstances which are beyond control of the parties and which makes the contract impossible to perform.

G

General Meeting: A meeting at which the Board of Directors all members of the condominium corporation gather to receive information and make decisions regarding specific issues that require input from unit owners. General meetings are usually held at regularly scheduled intervals.
General Obligations: The responsibilities that an agent owes to his or her principal when acting in a representation relationship.
Gross Income: The sum of all sources of income over a specified period of time.
Grow Operation: Any property that has been leased or bought by persons in the illegal drug trade which has been turned into an indoor growing environment for marijuana plants.

H

Highest and Best Use: The use of real property that will support the highest value and will produce the greatest net return over a period of time.
Historical Title Search: A review of all past property ownership and registered encumbrances relating to a specific parcel of land to determine the condition of title.
Home Inspection: A visual examination of readily accessible interior and exterior aspects of a property in order to provide an opinion on the property’s condition as of the date of the inspection. The purpose of a property inspection is to look for signs that there may be problems with the property and to suggest any areas that should be looked at further by an expert. Home inspections are performed by property (home) inspectors.
Homeowners Association: An association with mandatory membership based on residence in a specific area or community.
Homeowners Association Fee: A compulsory fee paid by property owners in the specific area under a home ownership agreement. Fees are either paid on an annual or monthly basis. A registered caveat on each property title requires the owner to make these payments to the Association.
Homestead: Under the Dominion Lands Act, refers to the permanent dwelling and all farm buildings surrounding the residence.
Housing Cooperative: A non-profit, legal entity incorporated and managed by its members through an elected Board of Directors. The cooperative owns the building and holds title to the land on which the structure is built. Its primary purpose is to provide housing and housing-related facilities to its members. In Alberta, there are 2 types of housing cooperatives: non-profit continuing housing cooperatives and non-profit home ownership cooperatives.
HVAC: An acronym for the following 3 buildings systems: heating, ventilation and air conditioning.

I

Illegal Use: The use of land or property that does not meet the requirements of the current municipal Land Use Bylaw and, in the case of a property, has been built without the proper permits. The municipality can require the owner of the property to cease the illegal use upon notice.
Implied Agreement: An agreement based on the conduct and actions of the parties involved.
Implied Authority: Authority held by an agent that is typically not given expressly but rather by inferences and that arises by virtue of being reasonably necessary to carry out the agent’s express authority.
Implied Contract: A contract that is formed based on the conduct and actions of the parties involved.
Improvement: An item that is permanently affixed to the land.
Incentive: Anything that is advertised, communicated or offered by a brokerage to the public or a person for the purpose of attracting business to the brokerage and includes a promise, good, service, game of chance, contest, or anything else of value.
Indefeasibility: An estate or right in land that cannot be defeated, revoked or made void.
Indemnification: The act of reimbursing or repaying a real estate professional for any liabilities he or she incurs on behalf of a client.
Indemnify: The act of securing someone or something against the possibility of future loss, damage or liability, as the case may be.
Inducement: Anything offered by a brokerage to a specific person who is a party to a specific real estate trade (or potential trade), and is intended to assist, persuade or cause that person to enter into such a transaction.
Industry Member: The term used in the Real Estate Act, Rules, Regulations and Bylaws to refer to any person who is authorized by RECA to trade in real estate, deal in mortgages or provide real estate appraisal services in accordance with the Real Estate Act.
Information Barriers: Refers to policies, procedures and enforcement mechanisms that are created to keep client information confidential by safeguarding it from inadvertent exposure or sharing, or purposeful intrusion by individuals who have not been granted the permission to access it.
Informed Consent: The decision of a party (e.g. buyer, seller, borrower) to provide agreement or select an option among available options based on full information and disclosure of any conflicts of interest by the other party (e.g. real estate, mortgage brokerage, real estate appraisal professional). In addition, it requires that the party asked to make the decision (e.g. buyer, seller, borrower) understands the nature of what is being proposed, be fully informed of the choices, be aware of the consequences of any of the options, and be able to freely exercise his or her free will in the absence of duress.
Innocent Misrepresentation: A statement made to a party that is untrue, but the person making the statement had reasonable grounds to believe that the statement was true.
Intentional Misrepresentation: A false or misleading statement made by a person who knew that the statement was untruthful and a third party relies on the misrepresentation to his or her potential or actual detriment.

J

Joint Tenancy: A form of land/property ownership that involves two or more owners, with each owner having the right of survivorship. Therefore, each owner’s interest in the land/property will automatically pass to the surviving owner(s) and cannot be willed to another party.
Judicial Sale: The sale of real property that is conducted under the authority and supervision of the Court of Queen’s Bench.

K

Closing Costs: Fees and expenses paid by both the buyer and seller at the closing of a real estate transaction, including taxes, insurance, and lender charges.
Comparative Market Analysis (CMA): An evaluation of similar, recently sold homes (called comparables or comps) that helps determine a fair market value of a property.
Condominium (Condo): A type of property ownership in which individuals own their specific unit and share ownership of common areas.

L

Closing Costs: Fees and expenses paid by both the buyer and seller at the closing of a real estate transaction, including taxes, insurance, and lender charges.
Comparative Market Analysis (CMA): An evaluation of similar, recently sold homes (called comparables or comps) that helps determine a fair market value of a property.
Condominium (Condo): A type of property ownership in which individuals own their specific unit and share ownership of common areas.

M

Appraisal: An evaluation of a property's value conducted by a licensed appraiser.
Adjustable Rate Mortgage (ARM): A mortgage with an interest rate that changes periodically based on changes in a corresponding financial index.

N

Balloon Mortgage: A type of loan that requires a large payment at the end of the loan term.
Broker: A person or firm that facilitates the buying or selling of real estate.

O

Closing Costs: Fees and expenses paid by both the buyer and seller at the closing of a real estate transaction, including taxes, insurance, and lender charges.
Comparative Market Analysis (CMA): An evaluation of similar, recently sold homes (called comparables or comps) that helps determine a fair market value of a property.
Condominium (Condo): A type of property ownership in which individuals own their specific unit and share ownership of common areas.

P

Closing Costs: Fees and expenses paid by both the buyer and seller at the closing of a real estate transaction, including taxes, insurance, and lender charges.
Comparative Market Analysis (CMA): An evaluation of similar, recently sold homes (called comparables or comps) that helps determine a fair market value of a property.
Condominium (Condo): A type of property ownership in which individuals own their specific unit and share ownership of common areas.

Q

Appraisal: An evaluation of a property's value conducted by a licensed appraiser.
Adjustable Rate Mortgage (ARM): A mortgage with an interest rate that changes periodically based on changes in a corresponding financial index.

R

Balloon Mortgage: A type of loan that requires a large payment at the end of the loan term.
Broker: A person or firm that facilitates the buying or selling of real estate.

S

Closing Costs: Fees and expenses paid by both the buyer and seller at the closing of a real estate transaction, including taxes, insurance, and lender charges.
Comparative Market Analysis (CMA): An evaluation of similar, recently sold homes (called comparables or comps) that helps determine a fair market value of a property.
Condominium (Condo): A type of property ownership in which individuals own their specific unit and share ownership of common areas.

T

Closing Costs: Fees and expenses paid by both the buyer and seller at the closing of a real estate transaction, including taxes, insurance, and lender charges.
Comparative Market Analysis (CMA): An evaluation of similar, recently sold homes (called comparables or comps) that helps determine a fair market value of a property.
Condominium (Condo): A type of property ownership in which individuals own their specific unit and share ownership of common areas.

U

Appraisal: An evaluation of a property's value conducted by a licensed appraiser.
Adjustable Rate Mortgage (ARM): A mortgage with an interest rate that changes periodically based on changes in a corresponding financial index.

V

Balloon Mortgage: A type of loan that requires a large payment at the end of the loan term.
Broker: A person or firm that facilitates the buying or selling of real estate.

W

Closing Costs: Fees and expenses paid by both the buyer and seller at the closing of a real estate transaction, including taxes, insurance, and lender charges.
Comparative Market Analysis (CMA): An evaluation of similar, recently sold homes (called comparables or comps) that helps determine a fair market value of a property.
Condominium (Condo): A type of property ownership in which individuals own their specific unit and share ownership of common areas.

X

Closing Costs: Fees and expenses paid by both the buyer and seller at the closing of a real estate transaction, including taxes, insurance, and lender charges.
Comparative Market Analysis (CMA): An evaluation of similar, recently sold homes (called comparables or comps) that helps determine a fair market value of a property.
Condominium (Condo): A type of property ownership in which individuals own their specific unit and share ownership of common areas.

Y

Appraisal: An evaluation of a property's value conducted by a licensed appraiser.
Adjustable Rate Mortgage (ARM): A mortgage with an interest rate that changes periodically based on changes in a corresponding financial index.

Z

Balloon Mortgage: A type of loan that requires a large payment at the end of the loan term.
Broker: A person or firm that facilitates the buying or selling of real estate.