A backup offer is when a buyer submits an Offer to Purchase on a property that is conditionally sold. If the seller accepts the backup offer, it would be next in line if the conditions are not satisfied on the conditional offer that is already in place. Also see Conditional Offer and Conditional Sale.
The amount of unpaid mortgage remaining after a payment has been made.
A real estate market condition where demand from buyers is in equilibrium with the supply of properties.
A final payment of the mortgage made on the maturity date to retire the debt in full. Such payments are most common in commercial mortgaging.
Bare Land Built-Out Condominium Plan
A type of Bare Land Condominium Plan in which a unit has been re-divided into smaller units. The unit boundaries are defined by the width and depth of each parcel of land and identified using survey monuments (e.g. steel pins, wooden stakes) placed on or under the ground.
Bare Land Condominium Plan
A type of Condominium Plan in which units are individual parcels of land. The boundaries for units within a Bare Land Condominium Plan are defined by the width and depth of each parcel of land and identified using survey monuments (e.g. steel pins, wooden stakes) placed on or under the ground.
Barely Blended Condominium Plan
A type of Condominium Plan in which units within a bare land condominium have be re-divided into smaller units with boundaries that are defined by the space within a building. The new unit boundaries are based on walls, floors and ceilings. In effect, a Barely Blended Condominium Plan combines a Conventional Condominium Plan with a Bare Land Condominium Plan. Also see Conventional Condominium Plan and Bare Land Condominium Plan.
A type of foundation that consists of an enclosed space constructed in whole or in part below ground level. Due to the depth to which holes must be dug to construct basements, they can often be used as habitable space by a building’s occupants.
A unit of measure equal to 1/100th of one percent that is typically used in quoting changes in interest rates or yields in debt securities including mortgages.
A number that is generated by the Equifax Credit Bureau to rank the credit-worthiness of individuals. Also see Credit Bureau.
A legally enforceable agreement where the parties are bound by their exchange of mutual promises.
A single mortgage registered against two or more pieces of real property.
The periodic mortgage payments of principal and interest where the payments remain constant in amount, although the portions attributed to principal and interest will vary with each payment as the time elapses in the amortization period.
A meeting at which only the Board of Directors gather to address the affairs of the condominium corporation. However, if the Board of Directors relies on any advisors (e.g. professional condominium manager), they may be asked to attend. Board meetings occur at regularly scheduled intervals. Also see Board of Directors.
Board of Directors
A group of individuals who are elected by unit owners to carry out the duties and responsibilities of the condominium corporation according to the rules and procedures set out in the bylaws and governing policies of the condominium. Also see Condominium.
The party who obtains financing from a lender with the agreement that it will be repaid, with interest, within a defined timeframe. Also see Mortgagor.
A failure to fulfill an obligation under a contract.
A loan of short duration (i.e. up to 1 year) with a higher interest rate intended to cover immediate cash requirements until permanent financing is secured. Also see Interim Financing.
The individual authorized by the Real Estate Council of Alberta to hold the classification of broker as defined in the Alberta Real Estate Act. The broker is responsible for the operation of the brokerage and the supervision of all its employees. The broker must be registered with the brokerage that he or she manages in order to trade in real estate or deal in mortgages. There can only be one broker for each brokerage. Also see Brokerage.
An industry professional within a brokerage who is assigned to carry out a number of broker duties and responsibilities as specified by the broker. Also see Broker.
The company, partnership or sole proprietorship licensed by the Real Estate Council of Alberta as a real estate brokerage authorized to trade in real estate or mortgage brokerage authorized to deal in mortgages. A brokerage must have a broker responsible for its operation. Also see Broker.
A lien for the unpaid value of work and/or materials in favour of the party who did the work on, or supplied the materials to a property, in accordance with the Builders’ Lien Act. Also see Builders’ Lien Act.
Builders’ Lien Act
Alberta legislation that allows registration of a lien against a property by any person involved in the building of, or improvements to, that property, including workers, contractors and sub-contractors.
Provincial standards for the design, construction and alteration of buildings to ensure the safety of future occupants and visitors to the premises. Alberta Building Coderegulates the construction and safety of structures for both old and new buildings. Standards set by the Codes include electrical wiring, fire alarm systems, fire extinguishers, emergency routes, occupancy limits, lighting and ventilation. These codes exist in addition to the requirements of the Municipal Land Use Bylaw.
A core component of a building that participates in making a safe, healthy and comfortable environment for occupants.
The formal permission provided by a municipality for new construction or modification of an existing structure. Also see Development Permit.
A core component of a building that creates the overall framework of the building.
A core component of a building that either contributes to the creation of the overall framework or participates in making a comfortable indoor environment for occupants.
Bundle of Rights
A collection of real property rights that an owner enjoys including: the right to possess the land and to use it, the right to lease the land, the right to sell the land, the right to give the land away and the right to retain the land.
A value placed on a premise occupied for the purpose of, or in connection with, operating a business for taxation purposes.
An individual who is in the process of purchasing real estate and enters into a purchase contract to that effect.
A real estate market condition where property supply is strong and buyer demand is weak.
A set of directives that govern the affairs and behaviour of a condominium corporation and individual unit owners. They work in conjunction with the Condominium Property Act and Regulation and empower the condominium corporation to control, manage and administer the units and common property. Bylaws may only be created, amended or repealed through the passing of special resolutions by the condominium corporation. Also see Special Resolution.
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