Category: Business
Created by: mbourgaize
Number of Blossarys: 6
English (EN)Mortgage that exceeds seventy-five percent of the loan-to-value ratio. It must be insured by either the Canada Mortgage and Housing Corporation (CMHC) or a private insurer to protect the lender ...
Legal process by which the lender takes possession and ownership of a property when the borrower does not meet the mortgage obligations.
Amount that a lender will permit a borrower to use from his gross income in order to qualify for a loan for housing costs, including mortgage payment and taxes. The Total Debt Services Ratio (TDS) is ...
Process of transferring the seller's title to the buyer which indicates all the necessary steps to complete the transfer. A conveyancer is a lawyer or Notary Public responsible for the conveyance ...
First mortgage issued for up to seventy-five percent of the appraised or purchase price of the property, whichever is the lowest. Source: Vancouver Island Real Estate Board.
Shared ownership in a strata-titled property. Owners have title to individual units and a proportionate share in the common property. Source: Vancouver Island Real Estate Board.
Portions of a condominium development owned in common, or shared, by the unit owners, such as a swimming pool, exercise room, lobby. A strata fee is charged to the owner of every unit for the use of ...
