Glossary of Terms
Don't be confused about the terminology used in the industry, find out what it all means here.
To voluntarily give up a legal right or claim.
The voluntary giving up of a right or claim. A document to evidence such a relinquishment.
A physical examination of the property which usually takes place immediately prior to closing to ensure that no changes have taken place and no new damage has been done to the property. May also be used to confirm that fixtures and chattels included in the sale remain on the premises.
A small apartment building with rental units on upper floors and no elevator. The tenant literally has to walk up to her apartment unit.
A large building used for receiving and storing goods, materials or merchandise.
Charge to a borrower to cover the costs of the lender taking short term loans from other lenders to cover the borrowers mortgage.
The process of assembling mortgages for sale to the secondary mortgage market.
A signed statement which guarantees the condition or continued usefulness of an asset or guarantees the truth of the facts set out in the statement. The person signing is legally liable if the statement turns out to be untrue or if the asset proves in worse condition than stated.
Allowing or causing a property to suffer damage or undue wear and tear to the detriment of another person who has an interest in or claim to the property.
A property which cannot be developed for profitable use.
Any conduit of running water which occurs naturally on land a river, stream, brook.
The legal right to use water from a water course or body of water on a property.
The natural accumulation of water either above or below ground, often used for well purposes. May also refer to the distance from the surface of the land to the location of the water.
WEAR AND TEAR
The term for the reduction in value of an asset resulting from normal use.
An alternative to the more traditional monthly payments on a loan or mortgage. Results in faster pay-down of principal, lower total interest paid.
Lands restricted for development as a result of their proximity to bodies of water and the fact that they are occasionally or often flooded. May also be environmentally sensitive.
A written statement of a persons wishes for the disposition of that persons estate after their death.
The movement of funds from one place to another electronically.
A requirement by a local government body for work to be performed on a property so as to bring it into conformance with local regulations.
A secondary financing option in which new money borrowed is blended with money already owed and registered on title to the property. A second mortgage is registered as security for the new money but the old mortgage remains in existence and the rate of interest is a blend of the rate chargeable on the old mortgage and the rate chargeable on the newly borrowed money.
WRIT OF EXECUTION
A claim or lien which is registered with the local enforcement officer to enforce a judgement of a court. The officer is then required to enforce the judgment against the judgment debtor and any property owned by that debtor in the jurisdiction.