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Terms in this set (50)
Shortfall of Funds
The difference between the cash balance payable by the purchasers as set out in the statement of adjustments and the net proceeds of the client's new mortgage.
Irrevocable Assignment of Mortgage Proceeds
The mortgage that is being taken out to purchase the house solely for the purpose of paying only for the house.
Transfer Back Consideration Amount
$1.00 and other good and valuable consideration
Whole Life of the Loan
Principal, Interest and Property Taxes
Cash actually borrowed
Refers to the number of months or years which the mortgage covers.
Applied towards the purchase price.
Can repay the mortgage more quickly.
Rate of interest is set for a specific period of time.
Interest Adjustment Date
The date on which the term of your mortgage begins.
Discharge of Mortgage
To pay off the mortgage in full.
Right to use another's land for special purposes.
Extension of land boundaries without permission.
Final payment of term.
Purchaser takes over a mortgage already registered against the property.
Initial agreement between mortgagee and mortgagor.
Direction to Pay
Tells where the money will be going.
Solicitor's Final Report on Title
Provided to the lender after all liens etc. are discharged.
Solicitor's Interim Report on Title
Provided to the mortgagee after the title is in the name of the purchasers.
Foreign Ownership Declaration
Information on people who are buying controlled land.
Insured statement of the condition of title or ownership.
A fund set up by a condominium corporation for major repair and replacement of such things as roofs, plumbing, heating systems etc.
What a trust letter addresses
• payout of mortgage;
• registration of the discharge of mortgage; and
• to supply a new Certified Copy of Title.
Order of Registration
Transfer of Land and then the Mortgage
The difference between the amount that the property can be sold for and what you still owe on the loan
A person who receives property being transferred
A person that transfers the property
Canadian Mortgage and Housing Corporation
Document Registry Request
Spatial Information System
Person buying property
Person selling property
A movable item of personal property
something securely, and usually permanently, attached or appended
Another name for a Construction Mortgage
Sets out where property is located on land
Shows who the current owner of property is
Sets out the amount of taxes for the year and what is owing/paid
Between lawyers - conditions that need to be met before certain things can happen
Certain things a person would be obliged to provide
Lot, Block and Plan
Physical address of the property
Can be used so you don't have to wait for registration
Affidavit of Value
Your opinion of the value of property
Cost of your real estate deal
Evidences that property is surveyed as shown
Removal of Conditions
When all terms are met
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