Category: Business
Created by: mbourgaize
Number of Blossarys: 6
English (EN) Form which enables sellers to disclose known defects on their property. If the sellers decides not to complete the form and does not disclose known defects, he is held liable. The form also serves as ...
Current and comprehensive listing system to provide information on properties for sale. It offers the widest exposure to properties listed for sale, including exposure on the Internet. Source: ...
Fee paid by the borrower to the lender in exchange for being permitted to break a contract, or mortgage agreement. Usually three months interest, but it can be higher or the equivalent of the loss of ...
Insurance protecting the lender against the borrower's default on high-ratio mortgages, usually backed by the government or a private insurance company. Source: Vancouver Island Real Estate Board.
Any legal claim of one person against a property of another, filed to ensure payment of a debt or the satisfaction of an obligation. Source: Vancouver Island Real Estate Board.
Contract between a borrower and a lender whereby the borrower pledges a property as security to guarantee repayment of the mortgage debt. Source: Vancouver Island Real Estate Board.
Mortgage that exceeds seventy-five percent of the loan-to-value ratio. It must be insured by either the Canada Mortgage and Housing Corporation (CMHC) or a private insurer to protect the lender ...
