CANADIAN REAL ESTATE GLOSSARY
ABSTRACT OF TITLE
A written history of the title to a parcel of real estate as recorded in a Land Registry Office.
ACCELERATION CLAUSE A clause in the mortgage document that accelerates the maturity date and states that upon default, the principal sum of the mortgage and accrued interest falls due.
Interest that has accumulated unpaid since the last payment date.
An interest amount added to the principal of a debt and made payable as part of the debt, usually in equal periodic installments (also called precalculated interest).
ADJUSTABLE RATE MORTGAGE (ARM) A mortgage for which the interest rate is adjusted periodically according to movements in a preselected index.
The date regarded as the official beginning of a mortgage.
AFFIDAVIT A statement of declaration in writing and sworn or affirmed before an authorized individual, such as a notary public.
A relationship that arises out of a contract, where an agent is authorized by a principal to engage in certain acts, usually in dealing with one or more third parties.
AGREEMENT OF PURCHASE AND SALE A written contract to buy property in which the purchaser and vendor agree to sell upon terms and conditions as set forth in the agreement.
This is a clause that enables the mortgagee to demand payment of the outstanding balance including interest upon sale or transfer of title (also known as a “due-on-sale” clause). ...