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A written document, usually the promise to purchase, that the seller of an immovable has accepted an offer from a potential buyer.
A written document that states that the person who signs it is doing so of their own free will (usually attached to legal documents).
An addition or change to an existing written agreement. Sometimes known as an override. It can be used for the following usages: price change, deadline extensions, etc.
The annual rate (also known as the nominal rate, is the stated interest rate over a year with accounting compounding. In contrast, the effective rate reflects the actual interest a a person would pay in a year after taking compounding into account. In Canada for example, compounding is concluded semi-annually (twice per year); a 4.00% annual rate would therefore equal 4.04%.
Calculation: EAR = (1+ Annual Rate / Compounding period) ^ Compounding period -1
A financing option for buyers that allows a seller of a property to loan part of the purchase price to the buyer. Instead of the buyer getting the full amount from a bank or lender, the seller allows the buyer to pay a portion over time, after the sale has closed.
Also know as a Cap Rate, it is a percentage that shows the expected return on a real estate investment, based on the property’s income; it is commonly used to evaluate and compare investment properties.
A certificate of location is a legal document prepared by a land surveyor that describes the current condition of a property in relation to its legal boundaries, buildings, and any rights or restrictions (like servitudes, encroachments, or zoning rules). In the Province of Quebec, up-to-date certificates of location (no older than 10 years old) are almost always required in real estate transactions.
It is the time frame in a real estate transaction during which the buyer can fulfill certain conditions before the sale becomes final. During this specific period, financing approval, if any, home inspection and verification of documents are all actions undertaken to render the purchase satisfactory or not.
A legal document, prepared and signed in front of a notary, that officially transfers ownership of property from a seller to a buyer.
A written agreement between a property owner (seller) and a real estate broker or agency that gives the latter the exclusive right to market and sell the property for a specific period in exchange for a compensation. This creates for effect accountability, meaning only the specified broker manages the file and negotiations.
A financing option which allows a borrower to pay only the interest of a mortgage over a set period, usually 1 to 3 years, which afterwards the borrower would have to repay the borrowed amount upon maturity of the term period.