There are many terms used when dealing with Mississauga real estate and knowing these terms will allow a buyer or seller an advantage when working with a Mississauga real estate agent or when searching homes for sale or thinking about selling their own.

Acceptance (Accepted Offer)

A legally binding agreement between partices that includes specific terms and conditions within an offer

Agreement

A written document that contains the terms and conditions for the purchase and sale of a home

Appraisal

A thoroughly written analysis and examination of the estimated value of the home that is completed by an individual who is competent and qualified to complete the appraisal

Assessed Value

The value of the home that is prepared by a local taxing authorty used for property tax purposes

Bridge Loan

A loan taken out that covers a gap of time (normally a very short period of time) between purchasing a new home and selling an existing home

Clear Title

A title for a property that is free from any cloud or other legal questions regarding ownership

Cloud

A negative mark on a title (i.e., lien) that requires action to create a clear title. A cloud is also referred to as a title defect.

Deed

A document that confirms legal ownership of a home or property

Equity

The financial amount of a home or property that is actually owned and is calculated by subtracting the remaining mortgage amount from the fair market value.

First Mortgage

This is the primary mortgage on the property or home. There can be multiple mortgages on any property or home but only one first mortgage.

Fixed Rate Mortgage

A mortgage that has an interest rate that does not change over the life of the mortgage

Foreclosure

A process when a bank or lender legally recovers the remaining amount owed on a mortgage because of non-payment by the borrower. This process usually involves the forced sale of the property or home and the funds used to satisfy the outstanding balance.

Home Inspection

A full and complete inspection and analysis of a home to evalute the overall condition including structural, mechanical, electrical, plumbing and other aspects

Lien

A legal entitlement on a home or property from a third party that secures payment for a debt

Mortgage

A legal document that is an agreement to assure a home or other property (collateral) to a bank or lender in exhange for a loan

Pre-Qualification

The process that a bank and borrower use to determine how much money can be loaned prior to an actual loan application

Real Estate Agent

A person who is licensed and qualified to negotiate the sale and purchase of homes or property or handle leasing. A real estate agent acts on behalf of their client.

Refinance

Replacing an existing loan with a new loan with different terms that are usually more advantageous for the borrower

There are many more real estate terms that should be known when buying or selling a home or other property. An educated real estate agent can review these and instruct a buyer or seller on how they may impact the transaction. These terms are widely used with homes for sale in Mississauga and more information can be found on www.mississauga-homes.com including information on Joe Battaglia.

Our Mississauga Real Estate Team work on a daily basis in the Real Estate Industry to provide top-notch quality service through, knowledge, research, and dedication. For more information on buying Mississauga Condos for Sale or List of Mississauga House Prices, please feel free to contact us via - mississauga-homes.com