A Glossary Of Essential Real Estate Terms
Every industry has its own language and terms. These words and phrases can be confusing to anyone who is not part of the daily operations of a specific industry, and the real estate business is no exception.
To help you understand the terms, acronyms, and phrases regularly used by real estate brokers, York National Realty Inc. has created this handy reference guide. Here you’ll find valuable information allowing you to comprehend and communicate your real estate needs effectively.
The legal agreement between the listing broker and the seller setting out the services to be rendered, describing the property for sale, and stating the terms of payment. A commission is generally payable to the broker upon closing.
Buyer Brokerage Agreement.
A written agreement between the buyer and the buyer’s agent outlining the agency relationship between the two parties and the manner in which the buyer’s agent will be compensated. In some provinces, a buyer-agency relationship evolves automatically, without a written agreement.
An estimate of a property’s value.
Asking (or list) price.
The price placed on the property for sale by the seller.
The day the legal title to the property changes hands.
The difference between the value of the property and the amount owing (if any) on the mortgage.
MLS®, Multiple Listing Service®.
These are trademarks owned by The Canadian Real Estate Association. They are used in conjunction with a real estate database service, operated by local real estate boards, under which properties may be listed, purchased or sold. An MLS® listing means REALTORS® have agreed to work together for the marketing of a listing.
Offer of Purchase and Sale.
The document through which the prospective buyer sets out the price and conditions under which they will buy the property.
Real Estate Board.
A non-profit organization representing local real estate agents and salespeople. It provides services to its members and maintains and operates an MLS® system in the community.
The seller’s agent represents the seller either as a listing agent under the listing agreement with the seller or by cooperating as a sub-agent, typically through the MLS® system. In dealing with prospective buyers, the seller's agent can provide a variety of information and services to assist the buyer in his/her decision-making. The seller’s agent does not represent the buyer.
Buyer’s Agent (also known as “Buyer’s Broker” or “Purchaser’s Agent”).
A person or firm representing the buyer. A buyer’s agent’s primary allegiance is to the buyer.
An amount agreed to by the seller and the real estate broker or agent and is stated in the listing agreement. It is payable to the broker on closing and shared, if applicable, among the salespeople involved in the sale.
A real estate broker or salesperson who acts as an agent for both, the seller and the buyer in the same transaction. Both buyer and seller are the agent's clients.
The person represented by an agent. The agent owes the client the duties of utmost care, integrity, confidentiality, and loyalty.
A person who receives valuable information and assistance from a real estate broker or salesperson, but is not represented by that individual.
If you’re looking for realtors in Aurora, Ontario, reach out to the experts at York National Realty Inc. We offer our real estate service for buying or selling homes, real estate properties, investment properties, estate homes, and luxury homes across Newmarket, Innisfil, Barrie, King, Aurora, Bradford, Sharon, and Holland Landing. We are specialized realtors providing top-tier service to first-time home buyers as well as investors looking for new opportunities in the communities that we serve.
View the full list of our properties here or get in touch with us here.