Multiple Listing Service (MLS)

The distribution of listings by real estate boards to its membership. The vendor is charged an extra commission for this service.

Option

An agreement between a vendor and interested purchaser that gives the purchaser an exclusive right to purchase the property within a specified time and at a specified price. To show good faith a consideration (deposit) is given.

Personal Property — Chattels

The parts of the property which are not fixed, such as appliances, furniture and rugs.

Property Lines

The borders of the property. An up-to-date survey will show you exactly where they are.

Real Estate Agent

A salesperson who markets property for a commission of the sale.

Real Estate Broker

A person or organization affiliated with the local real estate board whose business is the marketing of property.

Real Property

Another term for real estate.

Seller/Vendor

Those listed on the legal deeds as owners of the property. If any of the parties involved cannot be present, or is incapable of signing the purchase agreement, a legal power of attorney must be given to the other party, the lawyer, or a third party who will act on that person's behalf.

Statement Of Adjustments

The statement given by the lawyer after the sale is completed showing how the money paid by the purchaser is shown on the ledger.

Survey

A plan of a parcel of land showing accurate measurements of its area.

Tenants In Common

Multiple ownership of a property where on the demise of a party the ownership of that portion reverts to the estate of the deceased.

Title

Legal proof of the right of possession.