Real estate agent (Realtor)A licenced individual, working on behalf of a Brokerage, facilitating the purchase, sale, or lease of real estate.
Real estate brokerSame as an agent but with additional education and licencing. A Broker also manages the Brokerage and supervises Realtors employed at their Brokerage.
Real Property ReportAlso known as an RPR or survey, a Real Property Report is a legal document that clearly illustrates the size and location of significant visible improvements relative to property boundaries.
RefinanceWhen a new mortgage is obtained and used to pay off an old mortgage.
Statement of adjustmentsA Statement of Adjustments is a document, provided by the lawyer, that allows both the Buyer and the Seller to see how property taxes, condo fees, deposits and other items are used to determine the actual amount that the Buyer owes the Seller to complete the purchase.
Term1. A mortgage term is the amount of time a lender lends funds to a borrower. 2. A contract term is any provision or term that forms part of a contract. Each of these terms provides a contractual obligation, which can lead to litigation if breached.
TitleLand titles are records of ownership of land parcels and the specific interests registered on them, such as mortgages, caveats, easements, and liens.
Title insuranceInsurance that assures that the real property remains the property of the buyer if a claim against the property is processed.
Trust accountA bank account used by a broker or lawyer to protect deposit funds separate from operating funds.
UnderwritingCalculation of risk involved for a lender.
Variable rate mortgageA mortgage with fixed payments but where the interest rate is adjusted to market level.
WaiverA document to remove the conditions of a contract making the contract unconditional and fully binding when all conditions are removed.
