![]() Foreclosure The legal process in which the lender can take possession of the property when the homeowner is unable to pay full principal and interest payments on a mortgage. A down payment usually ranges from 5% to 25% of the price of the home. Down Payment The amount, often stated as a percentage, that a buyer must pay up front for a house before they are able to secure a mortgage. Once the sale is closed, the seller receives the deposit. Until the sale is closed, the lawyer or real estate representative will hold the sum. Deposit A sum of money placed in trust by the buyer to show good faith when an Offer to Purchase is made. Defaulting on a loan can give the mortgage holder reason to take legal action to foreclose the property. Default A failure to meet the requirements as set out by the mortgage loan agreement and make mortgage payments. Days on market is abbreviated as DOM on property listings, and can be useful in determining whether the home is priced properly, and help buyers decide on offering prices. Days On Market The number of days that a particular real estate listing is on the market (for sale). Closing Date The date when the ownership of a property is transferred from the seller to the buyer and the sale becomes final. Closing costs may include legal fees, title insurance, taxes, and title insurance. Closed mortgages typically have lower interest rates than open mortgages, and can last from 6 months to ten years, Closing Costs Fees incurred by either the buyer or seller at the closing of a home purchase, over the price of the property. Closed Mortgage A mortgage loan with a set payment schedule that doesn't vary over the life of the term, and can't be paid out early without a penalty. In a buyer's market, buyers often have more negotiating power during a purchase. Buyers have more choice, and home prices are typically lower. Buyer's Market When the number of homes for sale is higher than the number of buyers. A certificate must be obtained by the property owner or contractor before any construction can legally take place, and it must be visibly posted until the job is complete and approved by a building inspector. Building Permit Authorization by a municipality for a building to be constructed or repaired. Appraisal The valuation of a property or home, as estimated by a designated and authorized person. Typically, amortization periods are 15, 20, or 25 years long. Amortization The time in which a loan balance decreases to zero when payments are regularly made. Active listings are typically the most common in your local MLS®. Below, you'll find a glossary of common real estate terms and definitions, so you can feel confident in all aspects of your home search.Ī 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 Active Listing A listing that has an "active" status means that the property is available for purchase, and the seller is taking offers. 1 And Half Storey 2 And Half Storey 2 Storey 2 Storey Split 3 Level Split 3 Storey 4 Level Split 5 Level Split Auto Body Auto Parts Auto Service/repair Back Split Bi-level Bowling Alley Bungalow Campground Cannabis Car Wash Construction/trade Double Wide Mobile Home Dry Cleaning/laundry Services Farm/equipment Farm/ranch Fb - Beverage/drinking Place Fb - Caterer Fb - Coffee Shop Fb - Confectionary Fb - Deli Fb - Diner Fb - Ethnic Fb - Fast Food Fb - Fine Dining Fb - Food Services Fb - Grocery Fb - Misc Food And Beverage Fb - Night Club Fb - Pizza Fb - Pub Fb - Restaurant Gas Station Golf/driving Range Gr - Appliance Sales/repair/rental Gr - Convenience Store Gr - Florist Gifts Gr - General Sales/services Gr - General/adult Store Gr - Gifts Gr - Hardware Store Gr - Liquor Store Gr - Misc Retail Gr - Music Sales And Service Hairdresser/barber Shop Hi Tech Electronics Sales/service Hillside Bungalow Hotel/motel Inn (6 Bedrooms Plus) Laundromat Loft Massage Therapy Mf - Metal Products Misc Construction/trades/contracting Misc Personal Services Misc Professional Services Miscellaneous Accom & Travel Modular Home Multi Level Apartment Other/see Remarks Penthouse Print Shop Raised Bungalow Resort School/private Single Level Apartment Single Wide Mobile Home Storage/mini Support Activities For Oil & Gas Tailor Travel Agency Villa Warehousing & Storageīuying a home can be an overwhelming process, and real estate jargon can complicate things even further.
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