A

Advance

Amount of money that accompanies the promise to purchase a property. The deposit must be deposed in a trust account and will be deducted from the balance to pay at the time of the signing of the deed, or it will be returned to the signatory of the promise to purchase if the sale does not happen.

Association of real estate brokers in Québec

Organization created by the " Real Estate Brokerage Act " primary mission is to protect the public by supervising the practice of all real estate brokerage professionals practicing in Québec.

B

Brokerage Contract

Agreement by which a person authorizes a real estate broker to act for a specified period , as an intermediary for the purchase, sale, lease or exchange of real property. The brokerage contract officially record the rights and obligations of the broker and the client through an exchange of consent.
Exclusive brokerage contract the customer agrees not to use for the duration of the contract, the Customer services manager other than the broker with whom he entered into the contract . Similarly, the exclusive brokerage contract usually requires that the customer signs the contract can not fulfill himself the sale or purchase of the building.

C

Cadastral designation

Description cadastral information relating to a property ( location , area, value , etc.). Contained in the register of a given region

Cadastre

Public registry containing technical information about each property in a given area (lot). Each property listed in the land registry has a lot number that is used to publish the rights pertaining thereto.

Certificate of Practice

License to practice issued by the Association of Real Estate Brokers of Canada to any personnephysique , partnership or legal person who meets the requirements prescribed by law to perform real estate brokerage activities in Quebec. The certificate of exercise ACAIQ is conditional on the success of a series of specialized courses in real estate brokerage and input Licensing Examination.

Certificate of location

Document with a report and a plan in which the land surveyor\'s opinion on the situation and the current condition of a building in relation to securities , cadastre and the laws and laws affecting it.

Charges

Amount to be paid according to a predetermined deadline. Tax due for the use of a public service , for example.

Compensation Fund real estate brokerage

Organization created by the Real Estate Brokerage Act , which all brokers, which all brokers of Quebec pay to compensate the victim of a consumer or dealer in cases of fraud, dishonest transactions or misappropriation of funds or other property which, under the real Estate Brokerage Act , must be deposed in a trust account.

Condo

Building whose ownership is divided among several owners. Ownership shared between several people , covering the same property or group of properties .
A condo that is undivided told when ownership is not accompanied by a physical division of property.
the condominium is called divided where ownership is divided between the co-owners in fractions (lots ) each comprising a unit physically divided and share common parts.

Condo fees

Expenditures related to the maintenance and management of the common areas of a condominium . Generally fixed monthly payment also to establish a fund to pay the current and unexpected expenses ( repair, replacement of equipment, etc. . ).

Counter-Proposal

Proposal in response to an offer to purchase or a cons -offer, which is in itself a new promise .
NB: against the proposal as a first - effect report rejection of a proposal by the other party to the transaction.

D

Deed of Sale

Agreement usually prepared by a notary, which has the effect of formalizing the sale of a property to a buyer.

Depreciation

Time required to pay a mortgage and complete the full payment by making payments regularly. Depreciation is generally calculated on the basis of fixed periods of 10, 15, 20 or 25 years.

Descriptive record

Medium used by the buyer to acquire a building. Monetary resource, often in the form of a mortgage loan provided to the buyer by a financial institution for the purchase of a building ( see mortgage ).

Down payment

Personal contribution of the buyer to finance a building. Cash portion deducted from the sale price, and determines the amount of funding required to complete the purchase.
NB: A down payment of less than 25 % of the price paid for the purchase of the property means the loan must be insured by Canada Mortgage and Housing Corporation ( CMHC) or GE Capital Mortgage Insurance Canada.

E

Easements

Restriction of property law for reasons of private interest, public interest or public utility . Right of access or use of land by others for a specific purpose (passenger, parking , utilities, etc. . ).

Evaluation

Method of estimating the market value of a building , depending on the general condition of its components, and its particular characteristics . Evaluation is often the result of a comparison with similar properties for sale or recently sold in the same region.

I

Indirect costs

Additional Expenditure take when buying a property, to cover building inspection , evaluation of the property, the loan application , the notary , taxes , insurance, etc..

Inspection of the building

General Checking the status of the main components of a building (foundation, structure , roof , heating system , electrical system, etc. . ) To determine the condition.

Interest

The percentage that represents the amount of interest generated by a hundred dollars . Thus, an interest rate of 6.5 % will produce $ 6.50 spillable interest to the lender for every $ 100 emprunté.Le interest rate is used in calculating the amount to be paid to the lender in exchange for funding by the latter to allow the buyer to purchase a building.

L

Law mutation ( welcome tax )

Tax imposed by a municipality to transfer a property right on its territory.

M

Mortgage

A right granted to a creditor on a property as security for payment of the debt. This entitles the creditor in case of non-compliance with terms of repayment by the borrower may exercise certain remedies such as taking payment of the building or its sale by judicial authority (see Financing and Loan mortgage ).

N

Net Proceeds from Sale

Residual sum from the sale of the building, once subtracted all selling remainder of the mortgage, real estate broker\'s compensation , legal fees, adjustment taxes, etc..

O

Ownership

Recognition that gives the owner of property the right to use , enjoy and dispose fully and freely , subject to the limitations and conditions laid down by law.

P

Primary

Amount of money borrowed under a mortgage.

Put Option

Commitment to a person to buy a property under certain conditions it determines. Contractual document by which the seller agrees to sell the property once it has been accepted.

R

Real Estate Broker

Individual , partnership or legal person holding a practicing certificate issued by the Association of real estate brokers in Québec , and allowing them to deliver for others to brokerage transactions for the purchase the sale, lease or exchange of real property, against compensation. The broker can use brokers to represent him . The law also assigns the broker full responsibility for professional actions of the people who represent them.

Real Estate Brokerage

Occupation of real estate brokers. All brokerage transactions and professional actions of brokers in connection with the purchase, sale, lease or exchange of real property. Profession, the practice is exclusively reserved for holders of a practicing certificate issued by the Association of real estate brokers in Quebec.

Right of withdrawal

Privilege held by a natural person to retract his real estate brokerage contract for the sale of his property within three days of receipt of the copy of the contract signed by both parties , unless written . waiver After that, if the contract contains the word " irrevocable" , can not be terminated under any circumstances or change its duration , unless the broker agrees .
NB: the right of withdrawal applies when the contract is a mainly residential buildings with fewer than five units.

S

Selling fees

Additional Expenses to take when selling a property, to pay the balance of the mortgage, the fee payable to the broker , the notary , the adjustment of taxes, etc..

T

Trust Account

Deposit account at a financial institution in which a real estate broker may deposit the funds entrusted by others in the course of a real estate transaction. At the time an offer to purchase , the buyer often gives the listing broker a deposit on the purchase of the building. This deposit must be deposed in a trust account.

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