GDS Ratio (see Gross Debt Service Ratio)
A meeting at which the Board of Directors all members of the condominium corporation gather to receive information and make decisions regarding specific issues that require input from unit owners. General meetings are usually held at regularly scheduled intervals.
The responsibilities that an agent owes to his or her principal when acting in a representation relationship.
A letter verifying that a portion of a borrower’s down payment is a gift from another person.
A set of directives that regulate the affairs and behaviour of the condominium corporation and individual unit owners. The creation, modification and/or elimination of governing policies is at the discretion of the Board of Directors and input from unit owners may or may not be requested.
A period in which interest accrues but will be forgiven if the borrower satisfies conditions specified in the credit agreement.
Gross Debt Service Ratio
A measure used by lenders to assess a borrower’s ability to carry the debt load for a mortgage. It is calculated as the percentage of the individual’s gross annual income relative to his or her annual mortgage payments, property taxes, condo fees (if applicable) and allowance for heat.
The sum of all sources of income over a specified period of time.
Any property that has been leased or bought by persons in the illegal drug trade which has been turned into an indoor growing environment for marijuana plants.
GST (see Goods and Services Tax)
A promise made by a person to pay a debt or perform the obligations of another individual. Also see Guarantor.
Guaranteed Sale Agreement
A written agreement under which an industry member or another person on behalf of, or to the benefit of, an industry member undertakes to pay to the seller of real estate within a fixed or determinable period of time a fixed or determinable amount of money in respect of that seller’s real estate.
A person bound by a promise to pay a debt or perform the obligations of another individual.