Need-to-Know Real Estate Terms

real estate terms and jargon
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Robin Dasilva

Meet Robin Dasilva, our vibrant and adaptable REALTOR®! Growing up in a tight-knit community in Georgetown, Ontario and then moving A LOT, Robin learned the art of thriving in various settings through life's twists and turns. Now, a proud Milton resident, she balances her love for family with her passion for real estate. When she's not helping clients find their dream homes, you can find Robin enjoying a smoothie bowl, lounging poolside in the summer, or cozying up by the fireplace in winter. A lover of both early mornings and late nights, she brings energy and dedication to everything she does. Plus, she’s a huge fan of the classic movie Grease!

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Need-to-Know Real Estate Terms

Need-to-Know Real Estate Terms for Home Buyers & Sellers

By Robin Dasilva

Whether you are buying or selling, there are many terms used in Real Estate agreements and documents that you should know and understand. Having this knowledge will ensure you are confident and comfortable throughout the process. Like any other document you sign, always read it thoroughly, and ask your realtor to explain if there is any confusion. Real Estate agreements are legally binding, do not make the mistake of not reading and fully comprehending the information included before signing your name.

Amortization: Length of time over which the debt (mortgage) will be repaid to zero.

Conditional Offer: An Agreement to Purchase that is subject to specified conditions. There will be a time when the condition(s) must be met. A condition could be the arrangement of a mortgage, for example.

Vendor: The seller of a property.

Property Taxes: A tax charged by the local municipality. Municipalities assess their property tax rates annually.

Agreement to Purchase: A written contract that describes the terms under which the buyer agrees to buy the home.

Mortgage: A loan used to purchase a house, land, and other property types. The borrower agrees to pay the lender over time in regular payments, and the property serves as collateral to secure the loan.

Mortgagee: The lender providing the mortgage loan.

Mortgage Broker: A Mortgage Broker’s job is to find you a mortgage lender with terms and rates that will work best for you.

Interest Rate: The price paid for the use of money borrowed from a lender.

Lien: A claim against a property for money owing. A contractor can apply for a lien against a property where the contractor provided services but has not received payment.

Completion Day: Also known as the closing day. The money is transferred from the buyer to the seller on this day. Also, the sale of the property becomes final, and the new owner takes the home title.

Easement: A nonpossessory right to use and enter onto the property of another without possessing it.

Down Payment: A down payment is a sum of money a buyer pays in the early stages of purchasing a home. It represents a portion of the total purchase price, and the buyer will often take out a loan to finance the remainder.

Deposit: Also referred to as earnest money or consideration, the deposit is money paid by the buyer within twenty-four hours of an Accepted Offer unless otherwise stated in the Agreement of Purchase and Sale. It represents a buyer’s good faith to buy a home. The money is placed in Trust until the sale is complete –Find out what happens if a buyer doesn’t provide the deposit! 

Closing Costs: In addition to the purchase price of the home, there are other fees, such as legal fees, transfer fees and disbursements. These fees are payable on the closing day. They can range from 1.5% to 4% of a home’s selling price and are calculated by your Real Estate Lawyer.

Appraisal: The appraisal is a process for estimating the market value of a property. This job is done by a certified appraiser usually hired by the bank or other lender.

Counter Offer: If your original offer is not accepted, the seller may make an amendment, such as the price or closing date.

Deed: A legal document that conveys or transfers interest in a piece of land from one party to another.

Equity: The difference between what you owe on your mortgage and what your home is currently worth. If you owe $400,000 on your mortgage and your home is worth $850,000, you have $450,000 of equity in your home.

If the term you’re looking for isn’t described here or you’d like help navigating the process of buying or selling your next home, give me a shout!

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Open House Terms & Privacy Agreement

for KT Open Houses

  1.  

1. Visitor Etiquette: All visitors are required to maintain a respectful and safe environment in our client’s property by adhering to the following etiquette guidelines unless otherwise directed by a representative of The KT Team:

  • Footwear: Please remove footwear upon entry to help preserve the property’s cleanliness.
  • Washroom Facilities: Visitors are kindly asked to refrain from using washroom facilities.
  • Personal Belongings and Furniture: For privacy and safety, please avoid touching personal belongings or opening furniture not part of the sale. Examples include dressers, media consoles, and most free-standing furniture.
  • Food and Beverages: Outside food and beverages are prohibited while touring the property.
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2. Visitor Tracking and Safety: To ensure the safety of our clients’ property and personal belongings and the security of our real estate agents, all visitors are required to provide accurate and complete contact information. This information is used to track attendees and ensure accountability.

3. Digital Communications and Follow-Up: By providing your contact information, you consent to receive digital communications from our real estate team, including information about this property, future open houses, and other relevant real estate opportunities. These communications may include marketing or promotional messages, and we aim to keep them relevant to your interests.

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KT Realty
229 – 336 Bronte Street South
Milton ON L9T 7W6
[email protected]
1 (800) 617-0090

4. Prospecting and Sales Activity: Our real estate team may use your information for prospecting and follow-up purposes. We ensure these communications are conducted respectfully and aim to provide opportunities aligned with your interests.

5. Privacy and Data Protection: We respect your privacy and are committed to protecting your personal information. Your details will not be shared with third parties, except as required by law or for purposes directly related to the safety of open house events.

6. Acknowledgment: By submitting this form, you acknowledge that you have read, understood, and agreed to these terms and conditions. You agree to adhere to any additional requests or instructions the real estate agents provide to maintain a safe and secure environment during your visit.