Understanding real estate terminology
For the Lakeside Leader
When you decide to buy a home, you’ll probably discover a whole new language which is used to describe the property, the financing and legalities of the ins and outs in your purchase.
For your convenience, here is a list of some of the more common terminology used in Real Estate.
Agency – The legal relationship which exists between the client and the brokerage and the Realtor®. The essence of the relationship is that the agent has the authority to represent the client in dealings with others. Agents are obligated to protect and promote the the interests of their clients and also owe certain fiduciary duties.
Associate – (formerly Agents) also called Realtor® when used with the MLS trademark authorized by the Canadian Real Estate Association.
Amortization – The replacement of a debt over a period of time in a series of regular payments of principle and accrued interest.
Condition – Something that is demanded as an essential part of an agreement (usually stated as “Subject to….).
Latent Defect – A Hidden defect that may have reasonably caused the buyer to not purchase the property if the defect was disclosed.
Real Property – A combination of tangible and intangible elements. The tangible is the Real Estate itself (ei Land). The intangible are the real property rights which arise by reason of ownership of the property (ei Goodwill).
These are just a few of the words tossed around in the purchase process.
For more info about the process or to start your new home search today, call Royal LePage Progressive Realty.
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