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Closing statements in real estate transactions which set out the sources of funds which make up the purchase price, adjustments to and from the purchase price, the final amount required from the buyer and the amount due to the seller. The statements are prepared for the seller and the buyer by ...
Path or route that may lawfully be used indicated on title at the Land Title Office, often for use of utilities, city or municipality on order to make repairs to pipes. No permanent structure may be built on a right of way. Source: Vancouver Island Real Estate Board.
Real estate professionals who are members of the Vancouver Island Real Estate Board, the British Columbia Real Estate Association and the Canadian Real Estate Association. Only these professionals can call themselves realtors. Source: Vancouver Island Real Estate Board.
Land registration tax which must be paid when an application for a taxable transaction is made at any Land Title Office in British Columbia to register changes to a certificate of title. Property Transfer Tax is payable on the fair market value of the property being transferred. If the fair market ...
Form which enables sellers to disclose known defects on their property. If the sellers decides not to complete the form and does not disclose known defects, he is held liable. The form also serves as a checklist for buyers, enabling them to address concerns about the condition of the property. The ...
Current and comprehensive listing system to provide information on properties for sale. It offers the widest exposure to properties listed for sale, including exposure on the Internet. Source: Vancouver Island Real Estate Board.
Fee paid by the borrower to the lender in exchange for being permitted to break a contract, or mortgage agreement. Usually three months interest, but it can be higher or the equivalent of the loss of interest to the lender. Source: Vancouver Island Real Estate Board.
Insurance protecting the lender against the borrower's default on high-ratio mortgages, usually backed by the government or a private insurance company. Source: Vancouver Island Real Estate Board.
