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Glossary

Glossary

Browse the alphabetical list of real estate terms, or find a definition for a specific term. The topical list groups terms by steps in the home buying process.

administrator   A person who is appointed by a probate court to settle the affairs of an individual dying without a will.
advertising   Purchased space in newspaper, magazine or other medium used to attract public attention to a commodity for sale or lease.
agency fee   Fees that are charged to the vendor/landlord upon successful closing of transactions and signing of Sale and Purchase Agreement / Tenancy Agreement.
anchor tenant   A major department store in a shopping center. Also called key tenant.
appraisal   Estimate and opinion of value; a conclusion resulting from analysis of facts.
assessment   1. A monthly fee paid by cooperative and condominium members to cover maintenance costs for the property.
2. A special real estate tax leived by the government to finance improvements in an area.
auction   A public sale of property to the highest bidder after successive increased bids are made.
bulk purchasing   A method of cutting opertion costs for a property in which supplies are purchased in large quantities. Also called volumn buying.
caveat   An entry made on the register document of title which gives notice of the caveator's claim to title or an interest therein.
certificate of fitness (C.F.)   A certificate or permit issued by a government authority indicating that the building is fit for use or occupyancy according to the laws that the authority enforces.
client referral   An existing client that has provided you with leads, introductions, and/or has vouched for you.
co-brokerage   The joint effort by multiple registered estate agent in concluding a real estate dealing.
competitive market analysis   A form to display properties recently sold, properties for sale and expired properties.
confidentiality   The fiduciary duty that requires the agent to keep secret any information that his or her principal consider to be private.
conveyance   A document which transfers the ownership of a property with an unregistered title from the seller to the buyer.
draft contract   The wording suggessted for the contract. It can be amended several times before the final wording is agreed and accepted.
earnest money   Down payment made by a purchaser of real estate as evidence of good faith.
encumbrance   Anything that affects or limits the fee-simple title to property, such as mortgages, easements or restrictions of any kind.
ethics   Principals of conduct, justness and fairness that address the duties an individual or member of a profession owes to the public, to clients or patrons and to other professionals.
freehold   An estate for an unlimited duration or in perpertuity.
lease   Is where the registered proprietor grants the right of exclusive possession over his land to another for a duration in excess of three years in return for payment of rental.
leasehold   An estate for a term of years not exceeding ninety nine and upon the expiry of which the property automatically reverts back to the State Authority.
letter of appointment   An employment contract between principal and agent authorizing the agent to perform services for the principal involving the latter's property; "Letter of Appointment" contracts are entered into for the purpose of securing person to buy, lease or rent property. Employment of an agent by a prospective purchaser or lessee to locate property for purchase or lease may be considered a listing.
letter of offer and acceptance   Contract to purchase from a buyer to a seller.
liens   A special encumbrances that make the property security for the payment of a debt or obligation, such as mortgages and taxes.
listing presentation   A preplanned presentation delivered to a property owner for the purpose of obtaining a listing.
negotiators   The sales personnel representing on behalf of the company to liaise or negotiate real estate dealings or transaction with the Company's customers and clients.
offer price   Contract price to purchase from a buyer to seller.
power of attorney   Instrument authorizing a person to act as the agent of the person granting it, and a general power authorizing the agent to act generally pn behalf of the principal. A special power limits the agents to a particular act -for example, a landowner may grant an agent special power of attorney to convey a single, specific parcel of property. Under the provisions of a general power of attorney, the agent having the power may convey any or all property of the principal granting the general power of attorney.
prospecting   Contacting people for the purpose of finding someone who wants to sell and buy.
qualifying   A procedure to determine if a buyer/tenant is ready, willing and able to buy/rent.
redemption   Paying off a loan.
registered estate agent   The company/individual which is registered with the Board of Valuers, Appraiser and Estate Agency.
sale and leaseback   An arrangement whereby an investor purchases real estate owned and used by a business and then leases it back to that business.
sale and purchase agreement   Contract signed by the vendor and purchaser which stated all the terms and conditions of purchasing a property.
squatter   A person who without permission occupies the property of another and claims title to it. A person in adverse possession.
stamp duty   The tax on certain legal documents.
subletting   Partial transfer of a tenant's right in a rental property to a third party.
tenancy   Similar to a lease except that it is created for a term not exceeding three years. It cannot be registered but can be endosed on the title deed.
tenancy agreement   Contract signed by landlord and tenant with stated all the terms and conditions of rent of a property.
title   Instrument that proves legal ownership of land.
trustee   One who holds property in trust for another to secure the performance of an obligation.
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