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GLOSSARY

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

ABOVE GRADE :

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

ABSTRACT OF TITLE :

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.

ACCRUAL :

Sums which have been accumulated in a regularly recurring period.

ADMINISTRATOR :

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

AFFIDAVIT :

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.

AGENCY :

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.

AGENT :

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.

AIR RIGHTS :

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

AMORTIZATION :

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.

APPRAISAL :

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.

APPRECIATION :

An increase in value due to any cause.

APPROVED LENDER :

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

APPURTENANCE :

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.

AREA :

The surface within specific boundaries.

ASSESSED VALUE :

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

ASSESSMENT :

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.

ASSESSOR :

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

ASSUMPTION FIGURE :

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

ASSUMPTION OF MORTGAGE :

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.

AUTHORITY :

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.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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