Glossary

Any part of a structure or site feature that is above the adjacent finished ground level.

A condensed history of the title to a parcel of land consisting of a synopsis of every recorded instrument affecting the title to that land arranged in chronological order of recording.

Sums which have been accumulated in a regularly recurring period.

A person appointed by the court to administer the estate of a deceased person who has no executor (usually because he left no will).

A statement or declaration reduced to writing and sworn to or affirmed before some officer who is authorized to administer an oath or affirmation, such as a notary public.

The relationship between principal and agent which arises out of a contract, either expressed or implied, written or oral, wherein an agent is employed and authorized by a principal to do certain acts on his behalf in dealing with a third party.

One who is authorized by a principal to represent him in business transactions with a third party. In the real estate profession, it refers to a broker.

The right of the landowner to the space above his land, extending upward for a reasonable distance.

The gradual repayment of a debt by means of partial payment of the principal and interest at regular intervals over an established period of time.

An act of estimating value, an estimate or opinion of value by one individual based on what is taking place or has taken place in the market.

An increase in value due to any cause.

A mortgagee approved by the Canada Mortgage and Housing Corporation (CMHC) to make loans under the National Housing Act.

Something which is outside the real property itself, but belongs to the land and is joined thereto. It adds to a greater enjoyment of the land. A right-of-way is an appurtenance.

The surface within specific boundaries.

A valuation placed upon property by a province or municipality as a basis for municipal taxation.

A charge against real estate made by a unit of government to cover a proportionate cost of its operational costs. A special assessment is a charge made to cover a specific improvement such as a sidewalk, and is levied against the property directly benefited.

An official who has the responsibility of determining assessed values for tax purposes.

The amount of the mortgage loan that is outstanding and would be assumed by a purchaser.

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 performing specific acts or negotiations.