Real Estate Terms Explained: The Basics

October 29, 2015

Buying or selling home in Canada is a complex process that involves multiple different institutions, laws, and processes. That is why it is so important to have experienced professionals helping you through the process. We offer you so much more than just finding your dream home or helping you list your current one. You are going to hear a lot of terms that may be unfamiliar to you when you first buy a home or put yours to market. Let’s start with some of the basics that you need to know.

A listing

This is one of the most important and most common words that you are going to hear. A listing is simply the entry on a website or in a magazine that explains all of the information that you need to know about a place: the price, number of bedrooms and location, for example. I will reference them very often, and we will often check them together. It is important to know that you can browse them on my website so you can see what is going on in the local area.

An appraisal

If you are buying a home, then the institution that is going to lend you money will require you to have the home appraised. This is when a licensed professional comes out and investigates the property, and judges the value of the home based on both their findings and the selling price of other homes in the area. It is important to know that this is necessary to get a loan. Make sure to do a little research of your own to see what prices are like in the area.

Closing costs

When you buy a home, you are going to need to fill out a lot of paperwork and money is going to change hands. This means that once your offer has been accepted, you are going to have to pay to officially make the purchase. This could mean taxes, loan-processing costs, and title insurance. Make sure to ask for a good-faith estimate from your lender, as they are required to give you one. Many first-time buyers are not aware that they will have to pay these. Be prepared for them.

The world of real estate is so full of complex terms that a conversation can sound confusing if you are new to the process. Don’t worry, though, I am here to walk you through the process and prepare you as best as possible for what lies ahead. A professional Vaughan real estate agent should always try to help explain real estate terms, even if it is just the basics.


Tagged with: real estate vaughan on
| | Share

Leave a comment...

Please enter the numbers found on the right.

Schuren Sriskandarajah Sales Representative

HomeLife/Future Realty Inc. Brokerage

Independently owned and operated

7 Eastvale Drive, Unit 205, Markham ON, L3S 4N8

Direct: 416.333.9393

Office: 905.201.9977

Fax: 416.981.7768

Powered by Lone Wolf Real Estate Technologies (CMS6)