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Real Estate Glossary

When buying a home there are certain documents and information that is common across all types of property be it a single family home, condo or townhouse.

TITLE: This document is registered at the land title office at the time of completion and it is proof of ownership. Charges to the title such as mortgages, easements, covenants, etc. will show up on this document.

PROPERTY DISCLOSURE STATEMENT: The seller fills out this document at the time they list the property for sale. The form is a representation of the condition of the home to the seller’s knowledge.

GROW OP: This is a property that has been used for the growth or manufacture of illegal substances. There can be many issues that cannot be seen with the naked eye in a home that has been used as a grow-up, such as moisture, electrical, and ongoing criminal activity. Sellers have a legal obligation to disclose if they are aware of any such history. Nevertheless, our due diligence process will involve verifying these facts.

FIXTURES: These are items that are affixed to the wall/ceiling that should be included with purchase. These are usually items that have been screwed in (ie chandelier).

CHATTELS: Are items that are easily removed and will be taken from the home by the seller – pictures on the wall, furniture, etc.

CONDITION OF THE HOME: The condition of the home at the time of purchase should be in the same condition as when the buyer last viewed the home. The challenge some of our clients have experienced is that their opinion of condition and the sellers has been different. Rest assured that if this becomes a problem, we will work with you and the seller to get a resolution.

COMPLETION: Completion is the day that the money and title of the property exchanges hands, this is handled by the lawyers/notaries. A few days before completion you will need to go to your lawyer/notaries office to review and sign the documents. On the completion day itself, our office will call you once we receive confirmation of completion.

POSSESSION: Possession is the day you get physical possession of the property. This typically happens 1 – 3 days after completion. On occasion, the seller will allow keys to be released earlier than indicated in the contract. Rest assured, we will do our best to make this happen for you. However, for the purposes of planning your move count on the keys to be available at the time and day indicated on page 2 of the contract of purchase and sale.

Photographer: Holly McMurter Photographs


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