Glossary of Real Estate Terms

Adjustment Date: The day on which all calculations of interest, tax adjustments, utility bill adjustments (if applicable), etc. are made to the credit of either the buyer or the seller. This is usually (but not always) the same as the possession date.

Appraised Value: An estimate of a property's market value, used by lenders in determining the amount of the mortgage.

Assessed Value: The value of a property, set by the BC Assessment Authority, and used by the local municipality for the purposes of calculating property tax.

Closing: The real estate transaction's completion, when the parties involved agree that all legal and financial obligations have been met and the deed to the property is transferred from the seller to the buyer.

Conveyance: The term used to describe the process of transferring the seller's title to the buyer and indicates all the necessary steps to complete the transfer. A conveyancing lawyer is a lawyer (or notary) responsible for the conveyance process (this is usually the buyer's lawyer).

Counter offer: An offer made by the seller back to the buyer altering one or several terms and/or conditions of the offer as originally written.

Deed: A legal document that conveys (transfers) ownership of a property to a buyer.

Easement: A legal right to use or cross (right of way) another person's land for limited purposes. A common example is a utility company's right to run wires or lay pipe across a property.

Encroachment: An intrusion onto an adjoining property. Common examples are a neighbour's fence, storage shed, or overhanging roofline that partially (or even fully) intrudes onto your property.

Foreclosure: A legal process by which the lender takes possession and ownership of a property when the borrower doesn't meet the mortgage obligations.

Home Owner Grant: BC grant used as a deduction from municipal property taxes for homeowner's principle residence. $480 for those under 65, and $700 for those over 65.

Land Transfer Tax: Payment to the provincial government for transferring property from the seller to the buyer. See Property Transfer Tax.

Lien: Any legal claim against the property, filed to ensure payment of a debt.

Maintenance Fee: A monthly assessment levied by the strata corporation for common expenses and maintenance.

Multiple Listing Service (MLS): A current and comprehensive listing system for relaying property information to Greater Vancouver Real Estate Board Realtors. This service offers the widest exposure to properties listed for sale.

Property Condition Statement: This form enables sellers to disclose known defects. If the seller decides not to complete the form and does not disclose known defects, he or she can still be held liable. The form also serves as a checklist for buyers enabling them to address concerns about the property's condition on the spot.

Property Tax: This levy is affected by the location and the value of the property determined by BC Assessment. Local government determines the rate of taxation. Property taxes are paid on an annual basis in two payments, (in February and in July).

Property Transfer Tax: Payment to the provincial government for transferring property from the seller to the buyer. In the 1994 provincial government's budget, the PTT was eliminated for first-time buyers under certain conditions.

Realtors: Real estate professionals licensed by the Real Estate Council of BC who are members of the various municipal Real Estate Boards, and the British Columbia and the Canadian Real Estate Associations. Only these professionals can call themselves realtors.

Residential Tenancy Act: Provincial legislation which regulates rental property, landlords and tenants

Rights of Way: Are indicated on title at the Land Title Office; often for use by utility companies or municipal works in order to make repairs to pipes, etc.; no permanent structure may be built on a right of way.

Statement of Adjustments: Closing statements in a real estate transaction that set out the sources of funds that make up the purchase price, adjustments to and from the purchase price, the final amount required from the purchase and the amount due to the seller. Lawyers will prepare a statement for the seller and the buyer.

State of Title Certificate: A copy of the title, which lists charges against the property, e.g.: liens, mortgages, rights of way, etc.

Strata Property Act: Provincial legislation which regulates strata property (condominium) living.

"Subject to Clause": A statement of a condition to be fulfilled by the benefiting party that must include a specific deadline for removal.

Title Search: A detailed examination of the ownership documents to ensure there are no liens or other encumbrances on the property, and no questions regarding the seller's ownership claim.

Zoning Regulations: Strict guidelines set and enforce by municipal governments regulating how a property may or may no be used.

Nicholas Meyer President, Managing Broker	Victoria Farrell Sales Representative	The Downtown Suites team look forward to hearing from you to assist you with your real estate needs.

Buildings we work in:

Upcoming Openings: Spectrum One: 111 West Georgia | Spectrum Two: 668 Citadel Parade, Vanouver, BC
Spectrum Three: 131 Regiment Square | Spectrum Four: 602 Citadel Parade, Vancouver, BC

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