REAL ESTATE TERMINOLOGY
Agreement of Sale:
A binding contract whereby the seller retains title to the property until the purchaser pays the full purchase price. Standard terms include:
—Conditions applicable to sale, including:
subject to obtaining financing; subject to approval by a third party (such as a spouse); subject to sale of a current residence; or, subject to a satisfactory building, furnace, or wiring inspection.
Deposit whish is normally held in trust by the realtors or lawyers until the Agreement is completed.
Chattels or other property which may be included in the sale, such as: appliances, sheds, garage door openers.
Length of time it will take to repay fully the mortgage money to the lender.
A warning or notice, registered at Land Titles Office, that a third party has an interest in that property.
A mortgage which does not permit early payment or additional payments, except those allowed in the mortgage. If additional payments are made, it is often in conjunction with payment of a penalty.
When a borrower makes a down-payment of less than 25%, the mortgage is considered a high-risk mortgage and the borrower must apply for a CMHC mortgage.
A loan available when the borrower makes a minimum down-payment of 25%.
The difference between the market value of the property and any money still owing against the property.
An action to collect money owing under a mortgage or to take title of a mortgaged property. If a borrower defaults on payments, the lender may initiate foreclosure proceedings.
A claim registered against the title to secure payment for work done in relation to the property.
The financial institution, usually a bank or credit union, that lends the mortgage money.
Mortgage Life Insurance
To ensure the balance owing on the mortgage will be paid out in the event that the property owner dies.
The borrower of mortgage money, usually the owner or buyer of the property.
A mortgage which allows additional payments or early payout of the borrowed funds without penalty.
Provides flexibility if you move. You can take this Mortgage to your new property without paying a mortgage penalty for early payment.
A second or third mortgage is available, if there is sufficient equity in the property. Equity is the difference between the value of the property and the amount owing on a mortgage.
Terms of Mortgage
The length of time a mortgage runs before it must be renewed.
Warning: The forms below are made available to you free of charge. Therefore, any printing, storing, copying or other use of these forms constitutes an agreement by you that you waive any claim that you may ever have now or in the future against NSWB Law Firm, their employees, partners and associates in any way relating to the copying and use of such forms.
You are urged to read through the Contract or Agreement form(s) carefully and ensure that you fully understand it before using it. Changes, additions or specific legal advice may be needed to ensure it suits your needs. Generic forms cannot suit every situation. These forms are for existing Saskatchewan residential properties and farmland only. The forms are not applicable to new construction or commercial property.
The information on this webpage is general in nature only. It relates to the province of Saskatchewan, Canada and may not be applicable in your jurisdiction. It does not constitute legal advice to you and no solicitor-client relationship will be established. You should seek specific legal advice regarding your circumstances from a lawyer entitled to practice law in your jurisdiction.