Frequently Used Real Estate Terminology in Alberta

1. MLS (Multiple Listing Service): A database of properties for sale, used by real estate professionals to market and find homes for their clients.
2. Offer to Purchase: A written agreement outlining the terms and conditions under which a buyer is willing to purchase a property.
3. Closing Costs: The additional costs associated with the purchase of a property, including legal fees, land transfer taxes, and other miscellaneous expenses.
4. Title Insurance: Insurance that protects the buyer and lender against defects in the title of the property.
5. Appraisal: An assessment of the value of a property, often conducted by a licensed appraiser.
6. Condominium (Condo): A type of housing where individuals own their units but share common areas and facilities with other owners.
7. Real Property Report (RPR): A legal document that illustrates the boundaries and improvements on a property.
8. Down Payment: The initial payment made by a buyer towards the purchase price of a property.
9. Mortgage: A loan secured by the value of a property, used to finance its purchase.
10. Escrow: A financial arrangement where a third party holds and regulates the transfer of funds between the buyer and seller.
11. Amortization: The gradual repayment of a mortgage loan through regular installments over a specified period.
12. Zoning: Government regulations that control the use of land, specifying permitted uses, density, and other factors.
13. Land Transfer Tax: A tax imposed by the provincial government on the transfer of land from one owner to another.
14. CMHC (Canada Mortgage and Housing Corporation): A federal agency that provides mortgage loan insurance to lenders.
15. Conditional Offer: An offer to purchase a property that is subject to certain conditions, such as a satisfactory home inspection or financing approval.
16. Fixed-Rate Mortgage: A mortgage with a constant interest rate throughout the term of the loan.
17. Variable-Rate Mortgage: A mortgage with an interest rate that may change periodically based on changes in a corresponding financial index.
18. Strata Fees: Monthly fees paid by condominium owners to cover common expenses and maintenance of shared areas.
19. Pre-Approval: A process where a lender reviews a borrower's financial information and provides a conditional commitment for a mortgage loan.
20. Realtor: A licensed real estate professional who is a member of a local real estate board and the Canadian Real Estate Association (CREA).
21. CREB. The Calgary Real Estate Board (CREB^®) is a professional association of over 7,500 licensed REALTORS^® across the Calgary region. As one of the largest real estate boards in Canada, CREB^® ensures that REALTORS^® have the tools and support they need to be successful. for more real estate terms

    With more than a decade and a half of experience in the real estate industry, Diane Richardson is a seasoned professional known for her in-depth knowledge and exceptional skills. Her extensive background includes successful transactions in residential real estate, making her a trusted advisor for both buyers and sellers. Diane's commitment to providing top-notch service, her keen eye for market trends, and her dedication to client satisfaction have earned her a reputation as a trusted expert in the field. Whether you're looking to buy, sell, or invest in real estate, Diane Richardson is the go-to professional to guide you through the process and help you achieve your real estate goals. Cell 403.397.3706