A written history of the title to a parcel of real
estate as recorded in a Land Registry Office.
A measure of land equaling 10 square chains, 160
square rods, or 4,840 square yards, 43,560 square
feet, or .4 hectares.
When an individual not the owner, takes actual
possession of the property, hostile to, and
without the consent of the owner.
The relationship between principal and agent
written or oral, wherein an agent is employed and
authorized by the principal to represent the
principal in business transactions with a third
One who is authorized by a principal to represent
the principal in business transactions with a
third party. In the real estate profession it
refers to a broker.
An agreement for the purchase of real property
wherein the purchase price is paid in installments
and title is not conveyed to the purchaser until
the purchase price is paid in full.
of Purchase and Sale: A contract by which one
party agrees to sell and another agrees to
to Lease: A
contract by which one party agrees to rent real
estate to another party for a rental fee or other
The gradual retirement of a debt by means of
partial payments of the principal at regular
The act or process of estimating value.
Something which is outside the real property
itself, but belongs to the land and is joined
thereto. It adds to greater enjoyment of the land.
A right-of-way is an appurtenance.
valuation placed upon property as a basis for
An official who has the responsibility of
determining assessed value for tax purposes.
The taking of title to property by a grantee,
wherein he assumes liability for an existing
mortgage against a property and becomes personally
liable for the payment of such mortgage debt.
The legal power or right given by a principal and
accepted by the agent to act on the principal’s
behalf in business transactions with a third
Emptor: " Let the buyer beware." The
buyer must examine the goods or property he is
buying and he, therefore, buys at his own risk.
The name given to a mortgage document when
title is registered under the Land Titles Act.
Personal property which is tangible and
See Date of Completion.
on Title: Any encumbrance or claim that
affects title to real property.
Remuneration paid to an agent on sale or lease
of property, usually as a percentage of the amount
See Mortgage Commitment.
Law: That part of the law formulated,
developed and administered by the common law
courts, based originally on common customs and
Payment or reward for performance of service.
Interest: Interest on both the original
principal and on interest accrued.
Precedent: A condition in a contract which
calls for the happening of some event, or
performance of some act, before the agreement
becomes binding on the parties.
Subsequent: A condition referring to a future
event upon the happening of which the contract
becomes no longer binding on the parties.
The fee ownership of a specified amount of
space (the unit) in a multiple dwelling or other
multi-occupancy building with tenancy-in-common
ownership of portions used jointly with other
owners (the common elements).
Something of value given by a promisee to a
promisor to make the promise binding.
Lien: See Mechanics’ Lien.
A contract is a legally binding agreement
between two or more capable persons for
consideration or value, to do or not to do some
lawful and genuinely intended act. If for the sale
of real estate it must be in writing.
The transfer of an interest in property from
one person to another.
An agreement contained in a deed and creating
an obligation. It may be positive, stipulating the
performance of some act. It may be negative or
restrictive, forbidding the commission of some
A person to whom a debt is owed by another
person termed the debtor.
Compensation or indemnity for loss owing for
breach of contract, or a tort (civil wrong).
of Completion: The date specified in the
agreement of purchase and sale, when the purchaser
is to deliver the balance of money due and the
vendor to deliver a duly executed deed and vacant
possession of the property (unless otherwise
An instrument in writing, duly executed and
delivered, that conveys title or an interest in
Restriction: An imposed restriction in a deed
for the purpose of limiting the use of the land.
Failure to fulfil an obligation.
Payment of money or other valuable consideration
as pledge for fulfillment of contract.
A loss in value due to any cause.
A legal identification of land or premises.
One who engages in the subdivision or improvement
Tenement: The estate (i.e. property) which
derives benefit from an easement over a servient
tenement, as in a Right-of-way.
A right enjoyed by one landowner over the land of
The study of how men and society choose resources
which have alternative uses, to produce various
commodities over time and distribute them for
consumption, now and in the future, among various
people and groups in society.
The unauthorized extension of the boundaries of
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.
The interest an owner of real property has in its
total assets after allowing for encumbrances and
of Redemption: The right of the mortgagor to
reclaim clear title to the property upon full
repayment of the debt.
The reversion of property to the state in the
event the owner thereof dies leaving no will and
having no legally qualified heir to whom the
property may pass by lawful descent.
An interest in land.
A bar to alleging or denying a fact because of
one’s own previous actions or words to the
Rules of behavior made and accepted by business to
provide fair and moral practice.
Listing: The giving of the sole right to offer
the described property for sale according to the
terms of the agency agreement.
Authority: Authority delegated by the
principal which clearly sets forth in exact,
plain, direct and well-defined limits those acts
and duties which the agent is empowered to perform
on behalf of the principal, e.g. an exclusive
Taking of private property by the state for public
use, with fair compensation to the owner, through
the exercise of the right of eminent domain.
Title: A title which a court of equity considers
to be so free from defect that it will enforce its
acceptance by a purchaser.
Value: (Formal Definition) The highest price
in terms of money, which the property will bring
to a willing seller if exposed for sale on the
open market allowing a reasonable time to find a
willing purchaser, buying with the knowledge of
all the uses to which it is adapted and for which
it is legally capable of being used, and with
neither party acting under necessity, compulsion
or peculiar and special circumstances.
Lien (Construction Lien): 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.
and Bounds: A system of land description
whereby all boundary lines are set forth by use of
terminal points and angles – mete referring to a
limit or limiting mark, and bounds referring to
Area: That area which includes not only the
entire chief urban core of a city (the central
city) but also the outlying suburbs which are
One-tenth of one cent, a measure used to indicate
the property tax rate, e.g. a tax rate of one mill
per dollar is the same as 0.10 per cent of the
A person who is under the age of legal competence,
which is eighteen years in Ontario.
Or Less: Term often found in a property
description intended to cover slight, unimportant
or unsubstantial inaccuracies of which both
parties are willing to assume the risk.
A conveyance of property to a creditor as security
for payment of a debt with a right of redemption
upon payment of the debt.
The one to whom property is conveyed as security
for the payment of a debt; the lender or creditor.
The one who gives the mortgage; the borrower or
Commitment: A formal indication, by a lending
institution that it will grant a mortgage loan on
property, in a certain specified amount and on
certain specified terms.
Listing: An arrangement among brokers who are
real estate board members, whereby each broker
shares information regarding his listings with the
other members, who may negotiate the transaction.
and Acceptance: The basic requisite of any
contract is a proposal by one party, called the
offeror, to another party, called the offeree, to
accept the basic terms of the agreement. If the
offeree indicates his assent to the proposal,
there is an acceptance and the contract will bind
both parties to its terms.
Listing: A listing given to any number of
brokers without liability to compensate any except
the one who first acquires a buyer ready, willing
and able to meet the terms of the listing, or
secures the acceptance by the seller of a
satisfactory offer; the sale of the property
automatically terminates the listing.
A right given by the owner of property to another
(for valuable consideration) to buy certain
property within a limited time at an agreed price.
Estate: "Real Estate" includes real
property, leasehold and business whether with or
without premises, fixtures, stock-in-trade, goods
or chattels in connection with the operation of
the business. (Real Estate and Business Brokers
Estate Broker: A person who represents a
principal in real estate trade. (See more formal
definition in the Real Estate and Business Brokers
Property: The combination of the tangible and
intangible attributes of land and improvements.
Value-wise, it is the sum of the value of the real
estate, considered as land and structure and, for
example, the tangible value arising by reason of a
favourable lease. The real estate, plus the rights
that go with it.
A registered word which may only be used by an
active member of a real estate board affiliated
with the Canadian Real Estate Association.
The compensation paid for the temporary use,
and/or occupation of real estate.
Area By-law: See Zoning By-Iaw.
Covenant: A limitation placed upon the use of
property, contained in the deed.
An agent authorized by the listing agent to assist
in transacting the affairs of the principal (with
express or implied consent of principal).
The accurate mathematical measurement of land and
buildings thereon, made with the aid of
An association of individuals formed for the
purpose of owning, operating and managing large
parcels of real property for the mutual benefit of
all, and organized as a corporation limited
partnership or joint venture.