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Note: * indicates Glossary term

Agreement of Purchase and Sale, see Offer to Purchase* Amortization* ………24, 27, 28, 42, 44

Appraisal* (property) 32, 42

15, 20, 26, 30-

Approved Lender*, also see Lender 42 Assumption agreement*………………42 Blended payment*, also see Mortgage

payment* ………………………12, 42 Builder, also see Holdback, Lien

and Warranty .......6, 20, 27, 30, 37 Building code ……………………………6 Building inspector…………………37, 42 Building permit* …………………37, 42 Canada Mortgage and Housing

Corporation, see CMHC*

Chattel Closing

  • ………………………

    35, 36, 38

  • ……

    15, 21, 25, 38, 39, 43, 44

Closing costs *…………………16, 38, 42 Closing date* ……15, 35, 36, 38, 39, 42

CMHC*

  • ………

    10, 11, 13, 15, 20, 25,

30-33, 41-43 Conditional Offer*, see Conditions of

Sale* Conditions of Sale*

  • ……

    15, 20, 21, 35,

36, 38, 42, 44 Condominum ………6, 7, 15, 30, 36, 37 Condominium fees ……7, 13-15, 33, 43 Collateral mortgage* …………………42 Commitment letter*……………………42 Contractor ……………………20, 37, 42

Conventional mortgage loan

*

  • 12, 42

Counteroffer ……………………………36 Covenant* ………………………………42 Custom-built home, see Housing types Deed* ……………………………39, 42 Default* ……………………………32, 43 Deposit* …………………35-37, 43, 44 Disbursements……………21, 38, 39, 42 Discharge of mortgage* ………………43 Down payment*…12-14, 24-27, 30, 32,

33, 37, 38, 43 Easement* …………………………43, 44 Encumbrance* ……………………43, 44 Equity* ………………………………43 Estoppel certificate ………………15, 36

Index

Fees, also see Condominium fees and

Legal fees................15, 20, 21, 25, 26, 30, 32, 37, 39, 42 Foreclosure* ……………………………43 Freehold, see Title* Gross Debt Service

ratio (GDS)* …13, 14, 30, 33, 43, 44 Heating, see P.I.T.H.* Holdback* …………………………37, 43

Home inspection

…………15, 21, 35-38

Housing market

……………10, 11, 20

Housing types

………………………6, 8

carriage home ………………………6 condominium (highrise, low-rise,

row and townhouse), also see Condominium……………………6, 7 custom-built home,

also see Builder ……………20, 37 duplex …………………………………6 healthy ………………………………41 link home ……………………………6 manufactured housing ……………6 mobile home …………………………6 new housing, also see Builder and

Warranty ……………6, 10, 15, 20, 27, 30, 33, 37 resale housing ………… 6, 7, 15, 20,

30, 33, 36 rowhouse ……………………………6 semi-detached ………………………6 single family detached ……………6 townhouse ……………………………6

Inspection, Insurance

see

Home

inspection

errors and omissions insurance

21

mortgage life insurance*

  • ……

    21, 44

mortgage loan insurance*, also see

Mortgage*, high-ratio..... …12, 15 21, 25, 31-33, 42, 43 property/home insurance 15, 21, 39

Insurance

broker ………………………21

Interest,*

also

see

P.I.T*

and

P.I.T.H.*

11- 14, 24-31, 35, 43, 44 Interest Adjustment Date (IAD)*

  • ……

    43

Interest rate

  • …………

    11, 13, 25-31, 44

fixed

  • ………………………………

    27

protected (“capped”) variable …27 variable………………………………27

Interest rate buy down

  • …………

    27, 30

Lawyer/legal fees ……………15, 19, 21, 34, 38, 39, 42, 43 Leasehold, see Title* Legal fees, see Lawyer Lenders …………13-15, 19, 21, 24-33, 38, 39, 42-44 Lending Value* ……………………42, 43 Lien ………………………37, 38, 43 Lien (Mechanic’s)* ………………37, 43 Loan-to-value ratio* …………………43 Location ………………………………5-9 Maintenance costs, also see Condominium fees ……6, 12, 15, 41 Market Analysis Service (CMHC) …………………………10, 11 Maturity date* …………………………43 Mechanic’s lien, see Lien* Mortgage* ………12-15, 21, 24-35, 38, 39, 42-44 assumable mortgage …………25, 26 closed mortgage ……………………29 conventional mortgage loan* ......12, 25-27, 29, 42 expandable mortgage ……………25 high-ratio mortgage* ..........12, 15, 21, 25-27, 43 multi-rate (split) mortgage ………30 open mortgage ……………………29 portable mortgage …………………25 pre-approved mortgage …………31 prepayment option ………………25 second mortgage* ………25, 26, 44 split (multi-rate) mortgage ………30 vendor take back mortgage* (VTB) ……………………26, 38, 44 Mortgage approval* …………31, 35, 42 Mortgage broker…………15, 21, 26, 30 Mortgage market analysis ………10, 11

Mortgage payment*

  • ……

    12, 14, 24-30,

42, 44 Mortgage rate, see Interest rate Mortgage Rate Protection Program

(CMHC) ………………………………31

Mortgagee*

  • ……………………………

    44

INDEX •

45

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