REAL ESTATE 101 GLOSSARY "C" - OAKVILLE HOMES

Cancellation clause
A clause that details the conditions under which each party may terminate the agreement.
Cap
A limit on the amount the interest rate or monthly payment can increase in an adjustable-rate mortgage.
Cape Cod style
A wood-frame or shingled house with a steep roof and several windows projecting from the second floor.
Capital
Money used to create income, such as funds invested in rental property.
Capital expenditure
The cost of making improvements on a property.
Capital gains
Profits an investor makes from the sale of real estate or investments.
Capital gains tax
A tax placed on the profits from the sale of real estate or investments.
Capital improvement
Any improvement that extends the life or increases the value of a piece of property.
Carport
A roof that covers a driveway or other parking area.
Casement window
A window hinged on its sides to allow it to swing open vertically.
Cathedral ceiling
A high open ceiling formed by finishing exposed roof rafters.
Caulk
An acrylic or silicon sealant used to fill cracks, crevices and holes in a home.
Caveat
A formal notice, that asks a court to suspend action until the party which filed the challenge can be heard.
Certificate of Deposit (CD)
A document which shows that the bearer has a specified amount of money on deposit with a bank, stock-brokerage firm or other financial institution.
Certificate of title
A written opinion on the status of a piece of property based on an examination of the public record.
Chattel
Personal property such as furniture, clothing or a car.
Closing
The final procedure in which documents are signed and recorded, and the property is transferred.
Closing costs
Expenses incidental to the sale of real estate, including loan, title and appraisal fees.
Commercial property
An area that is zoned for businesses.
Commission
The negotiable percentage of the sales price of a home that is paid to the agents of the buyer and seller.
Comparables
Properties used as comparisons to determine the value of a certain property.
Comparative market analysis
An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.
Condominium
Individual units in a building or development in which owners hold title to the interior space while common areas such as parking lots, community rooms and recreational areas are owned by all the residents.
Contract to purchase
A contract the buyer initiates which details the purchase price and conditions of the transaction and is accepted by the seller. Also known as an agreement of sale.
Contractor
The individual who contracts for the construction of a home or project.
Cooperating broker
A real estate broker who finds a buyer for a property that another broker has listed.
Counteroffer
A response to an offer.
Covenant
A legal assurance or promise in a deed or other document, or implied by the law.
Craftsman style
An architectural style that evolved as part of the Arts and Craft movement near the turn of the century.
Cul de sac
A street or alley that is closed at one end.
Custom home
A structure designed by an architect hired by the owner.
Cynic
Someone who knows the cost of everything and the value of nothing.

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CHOOSING YOUR COUNTERTOP - OAKVILLE HOMES

A crucial part of any kitchen renovation is the countertop. But do you go with a modestly priced laminate, or a more expensive material such as marble or granite?
Fancy-edge details really drive up the price a lot, so if you’re trying to avoid (paying a lot), that’s not the way to go.

Laminates have come a long way over the years and that many look like granite now & you can get a lot more bang for your buck.

If you're set on granite but have a limited budget, go thinner and choose a simple edge to save money.
If you’re going to go with granite and you want to save costs, make sure you do 3/4 inch granite, not building it up to an inch and a half, two inches. That way there’s less material used and less labour cost.

Maintenance is also a major factor - marble and granite must be sealed with a water-based sealer to prevent staining.
With laminate it's important that water not get inside, so a drop-in sink is required.

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REAL ESTATE 101 GLOSSARY "B" - OAKVILLE HOMES

Back fill
Soil used to solidify the foundation of a structure.
Backup offer
A secondary bid for a property that the seller will accept if the first offer

Baseboard electric heat
Heating units installed in the floor that can be controlled by a central thermostat.
Basement
The area of a home below ground level.
Bay window
A window that projects outward in a curve.
Bearing wall
A wall that supports its own weight in addition to other parts of a structure.
Bequest
Personal property given to a person through a will.
Bidding war
Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale.
Board-and-batten siding
Siding is composed of 8- to 12-inch wide wooden boards nailed vertically to create a barn-like exterior.
Borough
A section of a city that has authority over local matters.
Boundary
The dividing line between two adjacent properties.
Breach of contract
The failure to perform provisions of a contract without a legal excuse.
Breezeway
A roofed passageway with open sides.
Bridge loan
A short-term loan for borrowers who need more time to find permanent financing.
Broker
A person licensed by the state to deal in real estate.
Brokerage
The act of bringing together two or more parties in exchange for a fee or commission.
Brownstone
A vintage row house constructed of red sandstone.
Building code
A comprehensive set of laws that controls the construction or remodeling of a home or other structure.
Building permit
A permit issued by a local government agency that allows the construction of home or renovation of a house.
Bungalow
A small one-story house or cottage.
Buyer broker
A real estate broker who exclusively represents the buyer's interests in a transaction and whose commission is paid by the buyer rather than the seller.
Buyer's market
A slow real estate market in which buyers have the advantage.
Bylaws
The rules and regulations that a homeowners association or corporation adopts to govern activities.



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REAL ESTATE 101 GLOSSARY "A" - OAKVILLE HOMES

Accelerated depreciation
A bookkeeping method that depreciates property faster in the early years of ownership.
Acceptance
The seller's written approval of a buyer's offer.
Acre
A measurement of land equal to 43,560 square feet.
Actual age
The number of years a structure has been standing.
Agent
A person licensed by the state to conduct real estate transactions.
Agreement of sale
A document the buyer initiates and the seller approves that details the price and terms of the transaction.
Appraisal
An opinion of the value of a property at a given point in time.
Appraised value
An opinion of the current market value of a property.
Appreciation
An increase in the value of a home or other property.
As-is condition
The purchase or sale of a property in its existing condition.
Asbestos
A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard.
Asking price
A seller's initial price for a property.
Assessed value
A tax assessor's determination of the value of a home in order to calculate a tax base.
Average price
The price of a home determined by totaling the sales prices of all houses sold in an area and dividing that number by the number of homes.

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