Are You Familiar With Your Real Estate Broker Terms
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Familiarizing yourself with common lingo used by your broker is a great move when getting into the housing market. It’ll make the process smoother when you know what everyone is talking about, and ensure you’re not taken advantage of by seeming too green.
These terms used by your Montreal Brokers;
“As Is without the legal warranty ” Condition: If a house is listed in “as is” condition you can assume this means the seller does not promise everything is functioning . Big things to watch out for would be hidden defects and reading the sellers declaration, also some banks may not offer you a mortgage.
Buyer & Seller Markets: These are general terms for the nature of the current market that reflects inventory. A “Sellers” market suggests there are less houses on the market than buyers, thus giving more power to potential Sellers. A “Buyers” market is the opposite.
Closing Costs: These are the costs in addition to the final sale of the home and inspection or new certificate of location. They can include Notary's fees and Welcome tax fees and moving fees
Transaction Date: The official day the new owner takes possession—or title—of the home.
Mortgage: A loan to buy a home, usually from a bank.
CMHC: The Canadian Housing & Mortgage Corporation was formed after WWII and provides insurance for residential mortgage loans to Canadian homebuyers. They’re a great resource with tools and other valuable information: www.cmhc.ca
Conditional Offer: An offer to buy a home that is contingent on specified conditions put in writing such as a home inspection or financing or first selling the buyer's home.
Security Deposit in Trust : Money held by a third party—usually a notary or real estate broker—until all agreed upon terms are met, during the purchase or sale of a property.
Inclusions vs exclusions: What are the fixtures / appliances or equipments the property comes with or not . When in doubt, ask.
Maintenance Fees: Typically associated with townhouses and condominiums—where the property isn’t “freehold”—these are monthly fees in addition to the purchase price. They can cover a range of services like utilities and cable, or just the basics like outside maintenance and snow removal, Ask for detailed information.