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The
following words and phrases are frequently used in respect of real
estate transactions. The definition given pertains to the real
estate meaning. The word "property" refers to real
property.
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1.
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Abstract
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A written history of the title to a
parcel of real estate as recorded in a land registry office.
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2.
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Administrator
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A person appointed by the Court to
manage the estate of a deceased person who did not by will appoint
an executor.
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3.
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Adverse Possession
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When an individual, not the owner,
takes actual possession of the property, hostile to, and without the
consent of the owner.
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4.
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Agent
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One who legally represents a person
or company in business transactions.
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5.
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Agreement of Sale
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A contract by which one party agrees
to sell and another agrees to purchase.
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6.
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Agreement to Lease
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A contract by which one party agrees
to rent real estate to another party for a rental or other
compensation.
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7.
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Amortization
of a Mortgage
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Arrangements for the paying off of a
mortgage by instalments or periodic payments to a sinking fund.
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8.
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Appurtenances
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All the rights that go with the
property although not within the limits of the deed.
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9.
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Assessed Value
or Assessment
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Valuation placed on property by a
municipality for taxation purposes.
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10.
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Business
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As defined in section 1 of the Act.
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11.
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Chattels
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Moveable possessions, personal
property (generally items that may be removed without injury to the
freehold estate).
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12.
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Cloud on Title
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Any encumbrance or claim that affects
title to real property.
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13.
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Commission
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Remuneration paid to an agent on sale
or lease of property, usually as a percentage of the amount
involved.
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14.
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Consideration
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Compensation, payment.
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15.
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Contract
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An agreement between two or more
parties upon lawful consideration, to do or refrain from doing some
act (if affecting real estate, it must be in writing).
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16.
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Deed
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A written instrument that has been
signed, sealed and delivered.
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17.
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Deposit
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Payment of money or other valuable
consideration as pledge for fulfilment of contract.
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18.
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Depreciation
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Amount by which property over a
period of time has decreased in value.
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19.
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Easement
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A right to some use of adjoining land
or buildings, for example, a right of way or a right to light.
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20.
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Encumbrance
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Outstanding claim or lien recorded
against property or any legal right to the use of the property by
another person who is not the owner.
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21.
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Equity
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The difference between the market
value of the property and the mortgages, liens, etc., against the
property.
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22.
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Executor
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Person appointed by testator to carry
out the provisions of the testator's will.
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23.
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Exclusive Listing
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The giving of the sole right to sell
the described property according to the terms of the agency
agreement.
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24.
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Fee Simple
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The highest estate or absolute right
in real property.
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25.
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Fixtures
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Permanent improvements to property
that may not be removed at the expiration of the term of lease or
tenure.
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26.
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Grantee
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The person who receives the legal
transfer of property from another.
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27.
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Grantor
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The person who conveys or legally
assigns property to another.
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28.
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Joint Tenancy
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Ownership of land by two or more
persons whereby, on the death of one, the survivor or survivors take
the whole estate.
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29.
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Judgment
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The decision of the Court.
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30.
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Landlord
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The person from whom another holds
tenancy.
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31.
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Lease
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Contract between landlord (lessor)
and tenant (lessee) for the occupation or use of the landlord's
property by the tenant for a specified time and for a specified
consideration (rental).
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32.
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Lessee
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Tenant under a lease.
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33.
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Lessor
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The person who grants use of property
under lease to a tenant.
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34.
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Lien
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A right of encumbrance affecting any
property.
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35.
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Lis Pendens
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(legal phrase, Latin.) Notice of the
commencement of a Court action recorded on the title of property in
the land registry office (also referred to as a certificate of
pending litigation).
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36.
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Mechanic's Lien
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A claim filed in the land registry
office by an individual, or company, for labour or material, or
both, supplied for the improvement of the property (also referred to
as a construction lien or repairer's lien).
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37.
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Mortgage
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A conveyance of property to a
creditor as security for payment of a debt with a right of
redemption at a specified date.
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38.
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Mortgagee
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The one to whom property is conveyed
as security for the payment of a debt; the lender or creditor.
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39.
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Mortgagor
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The one who makes the mortgage; the
borrower or debtor.
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40.
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Option
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A right given by the owner of
property to another (for a valuable consideration) to buy certain
property within a limited time at an agreed price.
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41.
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Personal
Property
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All property, except land and the
improvements thereon.
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42.
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Power of
Attorney
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Delegated written authority to a
person to legally act on behalf of another.
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43.
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Principal
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The person or company who employs the
agent; re money - constitutes the original sum invested or loaned.
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44.
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Quit Claim Deed
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A general release of all claims or
rights to a parcel of land.
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45.
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Real Estate
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As defined in section 1 of the Act.
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46.
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Survey
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The accurate mathematical
measurements of land and buildings thereon, made with the aid of
instruments.
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47.
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Tenant
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One who occupies land or tenement
under a landlord.
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48.
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Tenants-in-Common
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Ownership of land by two or more
persons; unlike joint tenancy in that interest of deceased does not
pass to the survivor, but is treated as an asset of the deceased's
estate.
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