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Any legal claim of one person against a property of another, filed to ensure payment of a debt or the satisfaction of an obligation. Source: Vancouver Island Real Estate Board.
Contract between a borrower and a lender whereby the borrower pledges a property as security to guarantee repayment of the mortgage debt. Source: Vancouver Island Real Estate Board.
Mortgage that exceeds seventy-five percent of the loan-to-value ratio. It must be insured by either the Canada Mortgage and Housing Corporation (CMHC) or a private insurer to protect the lender against default by the borrower who has less equity invested in the property. Source: Vancouver Island ...
Legal process by which the lender takes possession and ownership of a property when the borrower does not meet the mortgage obligations.
Amount that a lender will permit a borrower to use from his gross income in order to qualify for a loan for housing costs, including mortgage payment and taxes. The Total Debt Services Ratio (TDS) is the maximum percentage of a borrower's income that a lender will consider for all debt repayment, ...
Process of transferring the seller's title to the buyer which indicates all the necessary steps to complete the transfer. A conveyancer is a lawyer or Notary Public responsible for the conveyance process. Source: Vancouver Island Real Estate Board.
First mortgage issued for up to seventy-five percent of the appraised or purchase price of the property, whichever is the lowest. Source: Vancouver Island Real Estate Board.
Shared ownership in a strata-titled property. Owners have title to individual units and a proportionate share in the common property. Source: Vancouver Island Real Estate Board.
