A special arrangement by which one document encompasses one or more existing mortgages registered on the same property. Also see Mortgage.
The movable items not securely affixed to the land or buildings, such as furnishings and appliances that are not considered part of the real estate. Also see Chattels.
Unaudited Financial Statement
A financial statement that has not been reviewed by an auditor and does not possess any third-party assurances regarding the accuracy of the data it contains.
Underground Storage Tank
A tank used by a service station, car dealership, taxi company, bus line, research facility, farm or other organization to store various products including gasoline, diesel fuel, oil and other chemicals beneath the surface of the ground.
The analysis of risk undertaken by mortgage lenders and mortgage insurers to establish whether to grant the mortgage loan or issue the mortgage insurance.
An individual employed by a lender or insurer who is responsible for verifying the mortgage application information and supporting documentation, making a risk assessment of the applicant(s) and the property, and approving or declining the mortgage based on this assessment.
Uniform Standards of Professional Appraisal Practice
A generally accepted and recognized standard of appraisal practice for real property valuation analysis adopted in the United States and certain Canadian appraisal associations and organizations.
A contract where only one party makes an obligation to perform an act or promise without receiving in return any express promise for performance from the other party.
A physical space within a structure or parcel of land that is individually owned within a condominium.
The dimensions of a unit in a condominium that are stated in the Condominium Plan. If the unit boundaries are described in 2-dimensions (length & width), it is a bare land condominium. If the unit boundaries are described in 3-dimensions (height, length & width), it is either a conventional condominium or barely blended condominium. Also see Condominium Plan.
The portion of financial responsibility assigned to each unit owner for their share of the common property. The total sum of all unit factors for a condominium in Alberta must equal 10,000.
An individual or corporation who owns a unit in a condominium.
A document that records the information about the land, such as the legal land description, municipal jurisdiction, ownership and registered interests. The Land Titles Office no longer issues a paper Certificate of Title, but a paper copy may be available from any Registry Agent in Alberta. An electronic copy is available on the Spatial Information System (SPIN) operated by Alberta Registries, Service Alberta. Also see SPIN.
USPAP (see Uniform Standards of Professional Appraisal Practice)
The utility of a property is its usefulness to a buyer and how efficient that land use is.