Glossary of Common Canadian Real Estate Terms

Glossary of Common Canadian Real Estate Terms

When buying or selling a home in Kelowna BC, you will come across a lot of words and phrases you may not have heard before.  To help my clients understand terms they may be unfamiliar with, I have put together a glossary of definitions of some commonly used language in Canadian Real Estate.

  • Amortization – the length of time it will take to pay back the amount owed on a home by way of gradual repayment of the debt in partial payments on a regular basis over the specified period
  • Caveat Emptor – “let the buyer beware”, the buyer is responsible for verifying and inspecting a property before finalizing a purchase
  • Chattels – possessions not fixed to the land or property that may be removed without damaging the property (e.g. furniture and appliances)
  • Closing – the final phase of purchasing and selling a property when the buyer pays the balance due and ownership of the property title is transferred by the seller to the buyer
  • Easement – the legal right over another person’s property for a specific use (e.g. access through a shared driveway or access for public utilities)
  • Equity – the difference between what is owed on a mortgage and what the property is worth
  • Fixtures – permanently attached improvements to a property that cannot be removed without damage (e.g. plumbing, light fixtures and built-in bookshelves)
  • Foreclosure – the legal process by which a lender seizes and sells a home or property when the borrower does not meet their repayment obligation
  • Guarantor – someone who agrees to assume responsibility for the balance owing on a property should the borrower fail to uphold their repayment obligation
  • Irrevocable – unable to be changed, altered or recalled without consequences
  • Subjects – conditions that must be met in order for the agreement to become official (e.g. financing and inspection)

These are just a small portion of the unique and complex terms you may come across through the process of buying or selling your home in Kelowna, BC.  Don’t be overwhelmed because as your Realtor, I will be here to help you understand every part of the documents and contracts involved in your Real Estate transaction.  If you or a loved one need to buy or sell a property in Kelowna, please get in touch with me to discuss how I can be “Your Key to Real Estate Success in Kelowna”.

Karen Borring-Olsen

Your Key to Real Estate Success in Kelowna