Abstract

The written history of your property that you can view at your local registry office.

Agreement Of Purchase And Sale

A contract between the purchaser and vendor for the purchase and sale of a property.

Appraisal

An estimate of your home's market value available from a registered appraiser or real estate agent. The former often gives a more conservative appraisal.

Appurtenances

Established rights that are passed on with the property.

Assessed Value

The official value of a property determined by the local municipality for tax purposes.

Buyer/Purchaser

Those who will be listed on the legal deeds as owners of the property.

Closing

The final legal actions which transfer ownership of the property from vendor to purchaser on the day specified in the purchase agreement.

Closing Statement

A summary of the financial transactions involved in the transfer of property from vendor to purchaser.

Cloud On Title

Outstanding claims on the title of the property which must be settled before transfer.

Condominium

A separately owned unit of a multi-unit building which has its own title.

Consideration

In real estate transactions the cash deposit given with the offer. It signifies that the offer has been made in good faith and that the purchaser intends to close if the deal is accepted.

Contract

A legally binding agreement between competent parties to perform or not perform specific actions.

Conveyance

The transfer of ownership of real property.

Co-Operative

A multi-unit building which is owned by members of a group. Each member possesses shares in the building.

Curb Appeal

Real estate jargon used to describe how attractive a house appears from the outside.