Key Terms
A document that shows the legal ownership of a property.
What is a deed?
This type of condition protects the buyer by requiring financing to be secured before a date specified in the agreement of purchase and sale.
What is a financing condition?
What two types of insurance should a legal assistant ensure the purchaser has on the property being purchased?
What are fire (house) insurance and title insurance?
Unlike traditional homes, mobile homes may be located here.
What is leased land?
The person buying real estate is commonly called this.
What is the purchaser (or buyer)?
This search is conducted to confirm a clean title before closing.
What is a title search?
The first step once the lawyer receives the agreement of purchase and sale?
What is opening the file or sending out the confirmation letter?
The legal assistant ensures the deed and mortgage are registered on closing where.
What is the Registry Office? (There is one for each county.)
This registration system applies to mobile homes.
What is the Personal Property Security Registry (PPSA)?
The term for the person selling real property.
Who is the vendor or grantor?
The money held in trust by the realtor until the conditions of the agreement are met.
What is a deposit?
What are the two most important dates on the agreement of purchase and sale?
What are the objection (requisition) date and the closing date.
The legal assistant prepares this final document outlining all closing costs.
What is the Statement of Adjustments?
A mobile home requires this document, similar to a vehicle.
What is a bill of sale?
This non-refundable government fee is paid when purchasing property.
What is the land transfer tax?
A legal agreement between buyer and seller outlining terms of sale.
What is an agreement of purchase and sale?
This controls the use of land in your community, states how land may be used, where building and other structures can be located, the types of buildings that are permitted and how they may be used.
What is zoning or a by-law?
The legal assistant ensures that this is paid to the province on closing.
What is property tax?
Legal assistants must check for this if the mobile home is financed.
What is a lien?
This is the legal term for a shared ownership of property without right of survivorship.
What is tenants-in-common?
This term refers to adjustments made for taxes, oil, or legal fees on closing (they go on the Statement of Adjustments).
What are closing adjustments.
This piece of identification cannot be accepted from clients when verifying their ID.
What is a health card?
What is the reporting letter?
In a leased land community, what type of calculation will need to be performed as part of the closing adjustments?
What is lot rent?
This Latin phrase means "let the buyer beware."
What is “caveat emptor”?