REAL ESTATE TERMS

REAL ESTATE TERMS

Amortization Period: The actual number of years it will take to pay back your mortgage loan.

Appraised Value: An estimate of the value of the property. Conducted for the purpose of mortgage lending by a certified apprasier. The appraisal is not to be confused with a building inspection.

Assumability: Allows the buyer to take over the seller’s mortgage on the property.

Closed Mortgage: A mortgage that locks you into a specific payment schedule. A penalty usually applies if you repay the loan in full before the end of a closed term.

Condominium: The owner has a title to a single unit, as well as a share in the common elements such as elevators or surrounding land.

Condominium Fee: Common payment among owners which is allocated to pay expenses.

Conventional Mortgage: A mortgage loan issued for up to 75% of the property’s appraised value or purchase price and the amount of the mortgage loan.

Down Payment: The buyer’s cash payment toward the property. The difference between the purchase price and the amount of the mortgage loan.

Equity: The difference between the home’s selling value and the debts against it.

High-Ratio Mortgage: A mortgage that exceeds 75% of the home’s appraised value. These mortgages must be insured for payment.

Interest Rate: Value charged by the lender for the use of the lender’s money. Expressed as a percentage.

Land Transfer, Deed Tax or Property Purchase Tax: A fee paid to the municipal and/or provincial government for the transfering of the property from seller to buyer.

Maturity Date: The end of the term, at which time you can pay off the mortgage or renew it.

Mortgagee: The person or financial institution that lends the money.

Mortgagor: The borrower.

Mortgage Insurance: Applies to high-ratio mortgages. It protects the lender against loss if the borrower is unable to repay the mortgage.

Mortgage Life Insurance: Pays off the mortgage if the borrower dies.

Open Mortgage: Allows partial or full payment of the principal at any time, without penalty.

Portability: A mortgage option that enables borrowers to take their current mortgage with them to another property, without penalty.

Pre-Approved Mortgage: Qualifies you for a mortgage before you start shopping. You know exactly how much you can spend and are free to make a “firm” offer when you find the right home.

Prepayment Privileges: Voluntary payments in addition to regular mortgage payments.

Principal: The amount borrowed or still owing on a mortgage loan. Interest is paid on the principal amount.

Refinancing: Paying off the existing mortgage and arranging a new one or re-negotiating the terms and conditions of an existing mortgage.

Renewal: Re-negotiation of a mortgage loan at the end of a term for a new term.

Second Mortgage: Additional financing. Usually has a shorter term and higher interest rate than the first mortgage.

Term: The length of time the interest rate is fixed. It also indicates when the principal balance becomes due and payable to the lender.

Title: Legal ownership in a property.

Variable-Rate Mortgage: A mortgage with fixed payments, but fluctuates with interest rates. The changing interest rate determines how much of the payment goes towards the principal.

Vendor Take-Back Mortgage: When the seller provides some or all of the mortgage financing in order to sell their property.

 

Whatever stage you’re at in the real estate process – our hope is that the information here can be of assistance to you and make your decisions and preparations easier.

PACKING TIPS

PACKING TIPS

Separate your boxes by size, and place appropriate size boxes in each room.

Have all supplies (i.e. tape, bubble wraps, packing paper) lined up next to your boxes when packing.

Pack one room at a time, marking each box with a description of its contents and destination.

Put heavy items in small boxes and light items in large boxes. Keep weight of boxes reasonable. Group items of similar size and weight. Wrap heaviest items first with bubble wrap or packing paper and place on bottom of box. Wrap lighter items with the same and place on top of heavier items, separated by bubble wrap or packing paper. Fill all voids with packing paper or bubble wrap to prevent shifting.

Double box fragile items and fill voids between boxes with packing paper or bubble cushioning to avoid shifting.

Use “FRAGILE” labels on boxes with breakable items. This will alert movers to handle with care.

When making boxes, reinforce the bottom of all boxes with 2″ packing tape. Start by taping the seam where the two flaps meet, leaving 4″ of overlap on each side. Add two more strips in the same direction, on both sides of your first strip, approximately halfway between your strip and the edge of the box.

Fill each box as much as possible using packing paper to fill empty space to prevent shifting and breakage.

Make sure tops and sides of boxes do not bulge or sag. Under-packed boxes may collapse and over-packed boxes may rupture.

For books, lay flat and alternate bindings to prevent damage.

Pack plates on their edges in double-wall corrugated dish boxes. Dish/glass dividers will help keep these items safe and organized.

Bubble wrap your fragile items. Small bubble is recommended for smaller, lighter weight items. Large bubble is recommended for larger, heavier weight items. For added protection, line your box with bubble before packing.

To keep large items clean and sanitary, use mattress bags, furniture bags, and stretch wrap.

Use moving blankets to wrap furniture, appliances, TVs or other large objects. Use only strong, corrugated carton boxes with covers. The added strength may avoid damage that results from the use of poor-quality packing materials.

Collect old newspapers for use in packing, but remember that ink may rub off and stain clothing or other items.

Purchase special boxes for dishes, wardrobe and other special items.

Pack audio/video equipment in their original boxes. Label cables and tighten transit screws. If removing screws, tape them to the objects they are removed from.

Have rugs and draperies cleaned before moving and leave them in wrappings for the move.

Pack medicines in a leak-proof container.

Carry all valuables with you.

Here’s a list of packing supplies that will come in handy:

  • Plastic bags and labels for easy identification
  • Foam peanuts, styrofoam pellets or “popcorn”
  • Tissue or craft paper for delicate packing jobs
  • Corrugated paper rolls for figurines and fragile items
  • Gummed tape ((1 1/2 to 2″ wide) and/or strong twine for sealing cartons
  • Markers and labels for identifying contents of cartons
  • Notebook and pencil for carton identification log
  • Scissors and/or sharp knife

 

Packing can feel like the most daunting part of moving and Team Rina knows how chaotic it can quickly become. We decided to compile a list of our best packing tips to help you organize and streamline your packing process.

MOVING OUT CHECKLIST

MOVING OUT CHECKLIST

UTILITIES & SERVICE

  • Electric
  • Gas
  • Water
  • Hydro
  • Telephone
  • Cable service
  • Internet connection
  • Fuel
  • Appliance service

GOVERNMENT OFFICES

  • Schools
  • Library
  • Health card
  • Vehicle registration
  • Drivers license
  • Post office
  • Old age security
  • Family allowance

BUSINESS ACCOUNTS

  • Banks
  • Your employer
  • Finance companies
  • Credit cards
  • Charge accounts
  • Health club
  • Drug store

PROFESSIONAL SERVICES

  • Doctor
  • Dentist
  • Lawyer
  • Accountant

MOVING DATE

  • Drop off keys
  • All meters read
  • Telephone disconnected
  • Pick up new keys

INSURANCE AGENCIES

  • Home
  • Car
  • Life
  • Accident
  • Personal property

PUBLICATIONS

  • Newspaper
  • Magazine

Scheduling your move wiseley can make a lot of difference. Moving out requires a number of actions and steps to make sure you have covered everything. Team Rina has compiled a list of actions and a checklist of items that should be completed when moving out of your home.

Rina DiRisio
B.A., SALES REPRESENTATIVE
Lifetime resident of Oakville

Rina DiRisio

The Rina Blog — Sign up for the latest in real estate news, market intel and more

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