Deed

The legal document that is used to transfer ownership from vendor to purchaser.

Deposit

Usually between 5 and 10 percent of the purchase price. The deposit is submitted in the form of cash or a certified cheque with the offer. It is held "in trust" by the vendor's lawyer and at closing the deposit plus any accumulated interest become part of the purchase price.

Depreciation

Any loss in value of a property.

Disbursements

Out-of-pocket expenses incurred by the lawyer during the completion of his or her work for you.

Down Payment

The balance remaining of the price of the property after deducting the amount of the purchaser's initial deposit and any mortgage loans taken against the property.

Easement

A non-owner's legal right of way. It allows the passage through and use of land; as in shared driveways.

Encumbrances

Includes any outstanding financial obligations of the seller against the property (e.g. mortgages, loans, court judgments, and construction liens).

Equity

The net value of the property after mortgage loans, claims, liens etc. are deducted.

Equity Of Redemption

The mortgagor's right to pay off the mortgage in full and become full owner of the property.

Fact Sheet

A profile of the property offered for sale, detailing all its vital statistics and selling features.

Fee Simple

This states that the property is owned outright without liens or encumbrances.

House Structures

Brick — solid or veneer, frame, stone, wood, aluminum siding and stucco. Concrete block or poured concrete foundation.