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Real Estate Terms

Real Estate Terms

Bungalow

A one-story house, cottage, or cabin.

Condominium

A large property complex that is divided into individual units and sold. Ownership usually includes a non-exclusive interest in certain "common properties" controlled by the condominium management.

Close

The final procedure in a home sale in which documents are signed and recorded. This is the time when the ownership of the property is transferred.

Closing Statement

A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. that must be transacted for a successful transfer of ownership to take place. This document is prepared by a closing agent and is also known as a "settlement sheet".

Commercial Real Estate

Property that is solely used for business purposes.

Deed

A legal document that grants the bearer a right or privilege, provided that he or she meets a number of conditions. In order to receive the privilege - usually ownership, the bearer must be able to do so without causing others undue hardship. A person who poses a risk to society as a result of holding a deed may be restricted in his or her ability to use the property. Deeds are most known for being used to transfer the ownership of automobiles or land between two parties.

Investment Real Estate

Real estate that generates income or is otherwise intended for investment purposes rather than as a primary residence. It is common for investors to own multiple pieces of real estate, one of which serves as a primary residence, while the others are used to generate rental income and profits through price appreciation. The tax implications for investment real estate are often different than those for residential real estate.

Land

Property or real estate, not including buildings or equipment, that does not occur naturally. Depending on the title, land ownership may also give the holder the rights to all natural resources on the land. These may include water, plants, human and animal life, fossils, soil, minerals, electromagnetic features, geographical location, and geophysical occurrences.

Land Value

The total value of the land, including any upgrades or improvements to the land.

Real Estate Sales Representative

A person with a provincial license to represent a buyer or a seller in a real-estate transaction in exchange for commission. Most Sales Representatives work for a real estate brokerage or agent.

Zoning

Government (usually municipal) laws that control the use of land within a jurisdiction.

Durham Region July 2018 Market Statistics

Originally posted on: August 17, 2018
Last updated on: August 17, 2018
Filed under: july market durham region
Transactions increase Year-Over-Year for July in Durham Region. Please feel free to share and if you would like more information please let us know.

Home prices set to rise.

Originally posted on: July 11, 2018
Last updated on: July 11, 2018
Filed under: sellers home prices
National home prices set to rise after slow start says Royal Le Page by Steve Randand11 Jul 2018 It’s no ...

Things to do this July 7 and 8th weekend in Durham

Originally posted on: July 5, 2018
Last updated on: July 5, 2018
Filed under: things to do durham festivals
6 ideas for Durham Region on July 7 and 8 WHATSON 04:00 AM Oshawa This Week UXBRIDGE -- Daniel ...

Good News for Home Buyers and Sellers

Originally posted on: June 14, 2018
Last updated on: June 14, 2018
Filed under: buyer homes seller
Good news for homeowners by Canadian Press14 Jun 2018 A report by Canada Mort ...

Tick Safety

Originally posted on: June 8, 2018
Last updated on: June 8, 2018
Filed under: tick safety ticks tick removal
We are sure you have heard about the tick infestations on the news lately. We thought we would post this for everyone to know how to prevent and ...
Sales Representative


Durham Bungalows
Brokerage
Independently owned and operated.

420 Green Street #105
Whitby, ON L1N 8R1


Phone: 1-289-274-2273
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