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Conveyancing
Transferring or passing title of real property from one party to another.
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Real Property
Immovable property. Ex. Land, buildings, and all things attached to land.
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Personal Property
Movable property; Ex. Cars, furniture, appliances.
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Title
Registered ownership of property.
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Chattel
Personal property that is tangible and moveable.
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Registry system
A system of recording document registrations relating to land. Province is responsible for keeping records, Not for guaranteeing the title.
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Land Titles System
A system of recording document registrations relating to land. Province is responsible for maintaining the records, and guaranteeing the title and specific interests.
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Deed
Legal document used in the registry system, which title to real property was conveyed from one party to another.
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Transfer
Legal instrument used in the Land Titles System by which title to real property was transferred from one party to another.
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Transfer/Deed
Legal document used in both the registry and land titles system, by which title to real property is conveyed or transferred from one party to another.
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Charge
Lawyer's day-to-day record of work performed or disbursements used in the land titles system, to formalize the claim upon title to real property as security for a debt or loan.
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Mortgage
a legal document used to convey property, upon certain items and conditions, as security for the payment of the debt.
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Mortgagee
Party to whom real property is mortgaged; Lender.
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Mortgagor
Party who gave mortgage on real property; Borrower
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Charge/Mortgage
Legal document used to formalize a loan when property is used as collateral
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Discharge of Charge/Mortgage
Legal document used to formally acknowledge that the debt covered by a charge/mortgage has been discharged.
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Vendor
One who sells real/personal property
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Purchaser
One who buys real/personal property
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Transferee
Party who receives title to real property under a transfer/deed
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Transferor
Party who gives title to real property under a transfer/deed
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Lease
Agreement which one party allows another party to occupy and use real property in return for monetary or other consideration
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Lessor
Party who owns a real/personal property that is rented to another party
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Lessee
Party who rents real/personal property from another for monetary or other consideration
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Joint Tenants
2 or more parties who hold title to real property where each holds the same interest as the other. Surviving tenant acquires interest of the deceased. (Right of Survivorship)
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Tenants in Common
2 or more parties who hold title to real property where each tenant may dispose of his/her interest independently of the other by transfer/deed or will.
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Condominium
Ownership in fee simple of a specific unit of space in a multi-unit building, with ownership of tenants in common with all other owners of the common elements
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Common Elements
The areas of a condominium, such as halls, elevators, and grounds, owned by individual unit owners as tenants in common
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Declaration
Document registered in land registry office by a condo. corporation that sets out the rights and obligations governing the use of the individual units and the common elements
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Common Expenses
Normal costs to maintain and repair the common elements of the property, jointly shared by all owners of units in a condo.
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Contingency fund
Fund contributed to by an individual unit-owners in a condo. to meet unexpected expenses or to build up a reserve for future major repairs or replacements
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Title Insurance
Provides owners of real property with insurance coverage against defects in title and any legal expenses that may arise from these defects
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Matrimonial Home
Property in which a person has an interest and that is ordinarily occupied by the person and his/her spouse as their family residence
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Lot
Small area of land that forms part of a larger area covered by a registered plan
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Metes and Bounds
Description of real property that commences with a determinable point and outlines the perimeter of the parcel in directions and distances
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Distance
Term used when the perimeter or a parcel of land is described in feet and inches or in meters
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Parcel
Parts or portions of land; the entire holding of land in one location owned by a registered owner under the land titles system
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Course
Term used when the perimeter of a parcel of land is described by degrees, minutes, and seconds
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Reference Plan
Plan of survey of a part of a block, lot, or parcel of land on a registered plan of subdivision or a portion of a registered parcel
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Property Identifier Number (PIN)
9 Digit number used to describe property in Ontario, consisting of a block number and a property number
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Electronic Registration
Electronic registration of real estate documents from a personal computer to the appropriate land registry office
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Fee
Relationship between the person who occupies the land and the person that owns the property
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Fee Simple
When you own the land and no one else does
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Easement
Right over your property that somebody else has. Ex. Utility Company; a right of way.
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Lien
A charge against a building
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Grantee
The party who receives a power of attorney. The term used in a deed to describe the party who received title to real property.
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Grantor
The party who gives the power of attorney. The term used in a deed to describe the party who gave title to real property.
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Consideration
The return given for the property, act, or promise of another.
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Foreclosure
The act of a mortgage that requires the Mortgagor of real property either to pay off the mortgage upon its maturity or to relinguish his/her interest in the real property.
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Principle
The amount of the charge/mortgage upon payment of which, together with any accrued interest, the charge/mortgage is discharged.
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Term
# of years over which a mortgage will be repaid at a specified interest rate
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Terms
the conditions of repayment of a charge/mortgage
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Maturity
The date on which a charge/mortgage is due.
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Blended Payment
A regular payment on a loan (usually charge/mortgage) of a set amount of money. The monies are applied 1st against accrued interest on the loan, and 2nd against the unpaid principle balance of the loan.
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Amortize
To provide for the payment of a debt by periodic, set payments at a rate calculated to repay the debt over a given # of years.
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Standard Charge Terms
special provisions that apply to a charge/mortgage registered with the Director of land Registration
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Agreement of Purchase and Sale
An accepted offer to purchase.
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Closing
A meeting of the solicitors who represent the vendor and the purchaser in a real estate transaction to finalize the transaction.
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Requisition
A document that requests a court official to carry out a duty
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Requisition Date
The date by which the purchaser of real estate may submit any questions to the vendor about the validity of title to the proeprty being purchased.
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Requisitions on Title
Written requests to the vendor on behalf of the purchaser asking that defects or doubts as to the title of real property be removed or otherwise satisfied.
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Declaration of Possession
a deposition setting out the details of the time the vendor has been in possession or control of real property, including details about other matters that affect title.
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Statement of Adjustments
a detailed statement prepared in a real estate transaction that outlines the exact amount of money the purchaser must pay when the transaction is closed.
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Status Certificate
Certificate obtained from a condo. corporation advising on the amount of common expenses, any arrears of common expenses by the owner of a unit, the condo. budget statement, reserve funds, insurance particulars and so on. (formerally estoppel certificate)
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By-Laws
Rules and regulations made by a corporation to govern its own affairs or its dealings with others
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Encumbrance
An outstanding claim or lien recorded against a property
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Adverse Possession
Occupation of land inconsistent with the right if the registered owner (Displacing the true owner).
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Action on the Covenant
Legal proceeding based on a clause in the contract such as a lease or mortgage.
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Amortization
Payment of a debt by way of a fixed number of payments that gradually result in the principal and interest being reduced or paid off.
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Assignment of Lease
Transfer of a tenant's entire leasehold interest to another tenant.
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Assignment of Mortgage
Transfer of a mortgagee's rights under a mortgage to another mortgagee.
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Assumption of Mortgage
Transfer of a mortgagor's obligations under a mortgage to another mortgagor ( usually a purchaser of the property that is subject to the mortgage).
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Closing Date
Date upon which transfer of ownership of real property takes place.
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Concurrent Ownership
Ownership by more than one person.
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Discharge of Mortgage
Release by mortgagee of obligations of the mortgagor under the mortgage (usually indicates full payment has been made).
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Distrain
to seize goods by way of distress.
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Distress
Right to seize goods in order to satisfy a debt.
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Dominant Tenement
Land that benefits from the service of another property (ex. From an easement/restrictive covenant).
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Easement
A right enjoyed by the owner of land over the lands of another.
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Encroachment
Extension of property beyond its boundaries onto an adjoining property.
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Exclusive Right of Possession
Right to occupy property, to the exclusion of all others.
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Expropriate
Deprive a property owner of her right in all or part of the property.
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Fee Simple
The most extensive freehold estate possible.
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Fixed Term Tenancy
A tenancy for a set period of time.
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Fixture
Anything permanently attached to real property.
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Foreclosure
Court action that results in mortgagor losing all interest in the property due to his default in payment of a mortgage.
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Freehold Estate
An interest in land that may last for an infinite period of time.
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Guarantor
Person who agrees to assume all obligations of a mortgagor under a mortgage, in the event of the mortgagor's default.
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Joint Tenant's
2 or more persons holding title to land where there is a right of survivorship: that is, death of one tenant which results in title automatically reverting to the surviving joint tenant.
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Land Titles
System of registration of interests in land in which only current interests are shown and the government guarantees that no other interests affect the land.
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Leasehold Estate
An interest in property for a specific period of time.
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Licence
A right to do something (ex. Enter on someone's land), which may be revoked at anytime.
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Life Estate
An interest in land for the duration of a designated person's life.
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Limitation Period
Time period during which a proceeding to enforce a right may be commenced.
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Matrimonial Home
Property occupied by a husband and wife.
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Merger
Loss of a right (for instance, an easement) due to its coinciding with another and greater right in the same person.
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Notice to Quit
Notice by either a landlord or a tenant to the other party, indicating an intention to terminate the tenancy.
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Nuisance
An inconvenience that materially interferes with the enjoyment of one's property.
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Periodic Tenancy
A tenancy that renews itself on a periodic (weekly, monthly or yearly) basis.
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Power of Sale
Right of a mortgagee to force sale of property in the event of default, without taking court action.
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Prescriptive Easement
Easement obtained by uninterrupted usuage for a period of time.
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Quiet Possession
Occupancy without interruption or interference.
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Registry
System of registration of interest in land in which many interests are recorded (not just current ones), & the title searcher must determine which ones are applicable to the title being searched.
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Remainder
An interest in land that becomes effective upon the occurance of a specific event (ex. the death of a life tenant).
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Requisition Date
Date prior to which any problems relating to title must be made known to the vendor of the property or to the vendor's solicitor.
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Requisition Letter
Letter from the purchaser or purchaser's solicitor outlining to the vendor any problems on title that the purchaser requires to be remedied prior to closing.
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Reserve Bid
lowest acceptable price
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Restrictive Covenant
A restriction or limitation on the use of the property, which an owner may impose on subsequent owners of the property.
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Reversion
Return of an estate in land to the original owner upon the occurance of a specific event (ex. the death of a life tenant).
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Right-of-Way
Right to pass over another's land
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Right-of-Way of Necessity
A right to pass over another's land as the only means of access to one's own property.
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Runs with the Land
Extends beyond the original parties and binds subsequent owners of the property.
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Servient Tenement
Land that is subject to a service (ex. an easement or restrictive covenant) in favor of another property (being the dominant tenement).
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Sublet
Transfer of part of a leasehold interest (either part of the term or part of the premises).
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Surrender of Lease
Termination of a fixed-term lease.
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Tenancy at Sufferance
Occupancy of property with no rent payable and no consent given by the landlord to possession of the premises.
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Tenancy at Will
Right of possession is not for a given length of time, and may not be exclusive.
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Tenancy in Common
Ownership of land by two or more persons; upon the death of one person, that person's share becomes an asset of her estate.
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Waste
Lasting damage to property (ex. destruction of a house or allowing it to fall into disrepair).
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