Agreement of Purchase & Sale
The two most important dates on the Agreement of Purchase & Sale
What are the Objection Date and Closing Date
The vendor when referred to in the deed is ____ and the purchaser when referred to in the deed is ____________.
What is Grantor and Grantee.
In a mortgage, the borrower is referred to as the ____?
What is the Mortgagor.
The form by which shows the monies due and owing by the Purchaser on the date of closing is called the ____.
What is Statement of Adjustments.
A seller of real property.
What is Vendor or Grantor
True or False: Chattels are moveable items of personal property contained on the property and must specifically be listed in the Agreement if they are to be part of the sale of the home.
What is True.
True or False: Land transfer tax is a provincial tax on real estate purchases, which is paid by sellers.
What is False.
In a Mortgage, the lender (usually a bank) is referred to as the ____?
What is the Mortgagee.
True or False: In Prince Edward Island, no land transfer tax is paid on homes costing less than $30,000; and 1% is paid on homes costing $30,000 and greater.
What is True.
The buyer of real property.
What is Purchaser or Grantee
True or False: The buyer’s entire offer to purchase the home is conditional on the seller being the legal and registered owner of the property.
What is True
The state of being married or not married —used on official forms to ask if a person is married, single, divorced, or widowed
What is Spousal Status.
Length of time it takes to repay a loan in full following the schedule of monthly payments in the charge, typically 25-35 years.
What is Amortization Period.
Who is responsible for property taxes until the date of closing?
What is Vendor or Grantor
Means the physical land and any improvements made to it including structures thereon.
What is Real Estate
When an offer to purchase is made, the purchaser usually gives the seller a ______ toward the purchase price.
What is Deposit.
What is Minister of Finance.
The original amount of a loan
What is Principal.
What is the registration fee for the deed on a property purchased for $250,000.00?
What is $463.65.
Date on which the purchaser obtains title to the property; ie the purchaser gets the keys to the property and the deal is therefore completed (deed exchanged for funds)
What is Closing Date
The _____ date, which is the time within which the purchaser has to examine the title, and complete all other searches. Before this date, it is the purchaser’s responsibility to do a number of searches to ensure that there are no problems with the property.
What is Requisition Date or Objection Date.
The ____ form provides information on the name and address of the purchaser, and the name and address to whom the Notice of Assessment and Notice of Property Charges should be sent, if different from the purchaser. It includes the property number, civic address and location of the property (or portion of a property) that was purchased. The name of the vendor and the consideration paid for the property is also given in the _____.
What is Affidavit of Purchaser or Tax Affidavit
What was the name of the clients we used to complete in-class activities throughout Real Estate I.
What are Jonathan Dukovni and Nancy Dukovni.
Who is responsible for setting petroleum pricing for Prince Edward Island.
What is Island Regulatory & Appeals Commission (IRAC).
A written identification and formal depiction of land by which the property can be precisely located.
What is Legal Description or Schedule "A".