Jun 26, 2017 
 Sheila Fennell
 Broker
(cell) 416 986 1011

sheila@sellingdurham.ca

RE/MAX First Realty Ltd.,
Brokerage 
Independently owned & operated

 304 Brock St. South, 
 2nd Floor Whitby, Ontario 
 L1N 4K4

 

 Toll Free: (877) 520-3700

 

 Selling Durham
Helping you make the move in Pickering, Ajax, Whitby & Oshawa!

Real Estate Terms

Bungalow
A one-story house, cottage, or cabin.

Condominium
A large property complex that is divided into individual units and sold. Ownership usually includes a non-exclusive interest in certain "common properties" controlled by the condominium management.

Close
The final procedure in a home sale in which documents are signed and recorded. This is the time when the ownership of the property is transferred.

Closing Statement
A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. that must be transacted for a successful transfer of ownership to take place. This document is prepared by a closing agent and is also known as a "settlement sheet".

Commercial Real Estate
Property that is solely used for business purposes.

Deed
A legal document that grants the bearer a right or privilege, provided that he or she meets a number of conditions. In order to receive the privilege - usually ownership, the bearer must be able to do so without causing others undue hardship. A person who poses a risk to society as a result of holding a deed may be restricted in his or her ability to use the property. Deeds are most known for being used to transfer the ownership of automobiles or land between two parties.

Investment Real Estate
Real estate that generates income or is otherwise intended for investment purposes rather than as a primary residence. It is common for investors to own multiple pieces of real estate, one of which serves as a primary residence, while the others are used to generate rental income and profits through price appreciation. The tax implications for investment real estate are often different than those for residential real estate.

Land
Property or real estate, not including buildings or equipment, that does not occur naturally. Depending on the title, land ownership may also give the holder the rights to all natural resources on the land. These may include water, plants, human and animal life, fossils, soil, minerals, electromagnetic features, geographical location, and geophysical occurrences.

Land Value
The total value of the land, including any upgrades or improvements to the land.

Real-Estate Agent
A person with a state/provincial license to represent a buyer or a seller in a real-estate transaction in exchange for commission. Most agents work for a real-estate broker or realtor.

Zoning
Government (usually municipal) laws that control the use of land within a jurisdiction.

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