Bungalow
A one-story house, cottage, or cabin.
Condominium
A large property complex that is divided into individual units and
sold. Ownership usually includes a non-exclusive interest in certain
"common properties" controlled by the condominium management.
Close
The final procedure in a home sale in which documents are signed and
recorded. This is the time when the ownership of the property is
transferred.
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Closing Statement
A document commonly used in real estate transactions, detailing the
fees, commissions, insurance, etc. that must be transacted for a
successful transfer of ownership to take place. This document is
prepared by a closing agent and is also known as a "settlement sheet".
Commercial Real Estate
Property that is solely used for business purposes.
Deed
A legal document that grants the bearer a right or privilege,
provided that he or she meets a number of conditions. In order to
receive the privilege - usually ownership, the bearer must be able to do
so without causing others undue hardship. A person who poses a risk to
society as a result of holding a deed may be restricted in his or her
ability to use the property. Deeds are most known for being used to
transfer the ownership of automobiles or land between two parties.
Investment Real Estate
Real estate that generates income or is otherwise intended for
investment purposes rather than as a primary residence. It is common for
investors to own multiple pieces of real estate, one of which serves as
a primary residence, while the others are used to generate rental
income and profits through price appreciation. The tax implications for
investment real estate are often different than those for residential
real estate.
Land
Property or real estate, not including buildings or equipment, that
does not occur naturally. Depending on the title, land ownership may
also give the holder the rights to all natural resources on the land.
These may include water, plants, human and animal life, fossils, soil,
minerals, electromagnetic features, geographical location, and
geophysical occurrences.
Land Value
The total value of the land, including any upgrades or improvements to the land.
Real Estate Sales Representative
A person with a provincial license to represent a buyer or a seller
in a real-estate transaction in exchange for commission. Most Sales
Representatives work for a real estate brokerage or agent.
Zoning
Government (usually municipal) laws that control the use of land within a jurisdiction. |