Glossary of Real Estate Terminology:
Learn more about CREA’s trademarks on REALTOR Link®
The Trademark MLS®, Multiple Listing Service® and the associated logos are owned or controlled by The Canadian Real Estate Association (CREA), used under license, and identify the quality of services provided by real estate professionals who are members of CREA.
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This is the final step in the home selling process. Once all offer conditions outlined in the “Agreement of Purchase and Sale” have been met at the end of the closing period, ownership of the property is transferred to the buyer and the keys are exchanged on the closing date outlined in the offer.
However, if a real estate agent is representing the buyers, a commission fee could be requested by the buying real estate agent.
“Freehold” means you are buying both a home and the land it is on. A single-family detached home, a semi-detached, a unit in a row house or a unit in a duplex can fit into this category. A form of ownership whereby you own the property and assume responsibility for everything inside and outside the home.
Title insurance is not mandatory in Canada but is highly recommended to protect both the buyer and the mortgage lender against losses related to the property title or ownership, such as unknown title defects, existing liens against the property’s title, encroachment issues, title fraud errors in surveys and public records, and title-related issues that could prevent you from selling, leasing, or obtaining a mortgage.
Your lawyer can advise you on this.
This is the tax payable by the buyer to the province in which the transaction occurred upon transferring land. The amount varies depending on the municipality, the size of the land and other factors. Most provinces have Land Transfer Tax, though it may have a slightly difference name (such as property purchases tax).
If you are a first-time home buyer, you may be eligible to receive a rebate, which is typically processed at the same time as the land registration, so they can be offset.
This annual fee, imposed by the local government, pays for services like public education, local police, and libraries.
For more definitions check out the links below.
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When you're ready, choose wisely!
DISCLAIMER: All information displayed is believed to be accurate but is not guaranteed and should be independently verified. No warranties or representations are made of any kind.