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Bungalow

The all one level home (one-story) , cabin or cottage.

Condominium

This is a large, multiple unit, multiple floor building or buildings that are divided into several individual residences and sold. The property has “common properties” and spaces that are for general use and the ownership includes non-exclusive interests controlled by the Condominium Corporation management.

Close

This is the time of the final process of the home purchase and sale where all the documents are recorded and signed and when the ownership of the property transfers.

Closing Statement

The closing documents commonly used in the real estate transactions, outlining the fees, all commissions and insurance, etc. that must be completed for the immediate and successful transfer of the property ownership to take place. Prepared by a closing agent, this document is also known as the “settlement sheet”

Commercial Real Estate

These are commercial properties or units that are used solely to conduct business.

Deed

This legal and binding document grants the bearer the privilege and right, providing that the conditions are all met. This privilege, usually ownership, can be received when the bearer can do so without causing undue hardship to others.

The person(s) who pose a risk to society as a result of bearing this deed, may be restricted in ability to use the property. Deeds are mostly known for being used to transfer land or real estate property between two parties as well as ownership of automobiles.

Investment Real Estate

Investment real estate is property purchased that generates income or where it is intended for equity building rather than a primary residential home. It is very common for investors to own multiple investments, one to serve and their primary residence and the others for generating rental income and profits through price appreciation and equity. The implications for tax on invested real estate is very different than those for residential real estate.

Land

This is real estate property that do not include buildings or equipment occurring naturally. Depending on title, land ownership can also give the holder the right to natural resources found, occurring and being received on the land. This may include human and animal life, fossils, soil, minerals, plants, water, electromagnetic fields, geographical locations, and geophysical occurrences.

Land Value

This is the value of the land, including all improvements and any upgrades to the land.

Real Estate Sales Representative

The Real Estate professional is the Sales representative and the person that holds a provincial license to represent the buyer or seller in real estate transactions in exchange for a commission fee. Mostly work for a real estate brokerage or agent.

Zoning

This is government (usually municipal) law that creates different uses of the land within jurisdiction and boundaries.