Additional Forms
26. An application for the consent of the Registrar to a change of officers under subsection 3 (3) of the Act shall be in a form provided by the Real Estate Council of Ontario. R.R.O. 1990, Reg. 986, s. 26; O. Reg. 161/97, s. 12. SCHEDULE   GLOSSARY The following words and phrases are frequently used in respect of real estate transactions. The definition given pertains to the real estate meaning. The word “property” refers to real property.  1.

Abstract

A written history of the title to a parcel of real estate as recorded in a land registry office.


2.

Administrator

A person appointed by the Court to manage the estate of a deceased person who did not by will appoint an executor.


3.

Adverse Possession

When an individual, not the owner, takes actual possession of the property, hostile to, and without the consent of the owner.


4.

Agent

One who legally represents a person or company in business transactions.


5.

Agreement of Sale

A contract by which one party agrees to sell and another agrees to purchase.


6.

Agreement to Lease

A contract by which one party agrees to rent real estate to another party for a rental or other compensation.


7.

Amortization of a Mortgage

Arrangements for the paying off of a mortgage by instalments or periodic payments to a sinking fund.


8.

Appurtenances

All the rights that go with the property although not within the limits of the deed.


9.

Assessed Value or Assessment

Valuation placed on property by a municipality for taxation purposes.


10.

Business

As defined in section 1 of the Act.


11.

Chattels

Moveable possessions, personal property (generally items that may be removed without injury to the freehold estate).


12.

Cloud on Title

Any encumbrance or claim that affects title to real property.


13.

Commission

Remuneration paid to an agent on sale or lease of property, usually as a percentage of the amount involved.


14.

Consideration

Compensation, payment.


15.

Contract

An agreement between two or more parties upon lawful consideration, to do or refrain from doing some act (if affecting real estate, it must be in writing).


16.

Deed

A written instrument that has been signed, sealed and delivered.


17.

Deposit

Payment of money or other valuable consideration as pledge for fulfilment of contract.


18.

Depreciation

Amount by which property over a period of time has decreased in value.


19.

Easement

A right to some use of adjoining land or buildings, for example, a right of way or a right to light.


20.

Encumbrance

Outstanding claim or lien recorded against property or any legal right to the use of the property by another person who is not the owner.


21.

Equity

The difference between the market value of the property and the mortgages, liens, etc., against the property.


22.

Executor

Person appointed by testator to carry out the provisions of the testator’s will.


23.

Exclusive Listing

The giving of the sole right to sell the described property according to the terms of the agency agreement.


24.

Fee Simple

The highest estate or absolute right in real property.


25.

Fixtures

Permanent improvements to property that may not be removed at the expiration of the term of lease or tenure.


26.

Grantee

The person who receives the legal transfer of property from another.


27.

Grantor

The person who conveys or legally assigns property to another.


28.

Joint Tenancy

Ownership of land by two or more persons whereby, on the death of one, the survivor or survivors take the whole estate.


29.

Judgment

The decision of the Court.


30.

Landlord

The person from whom another holds tenancy.


31.

Lease

Contract between landlord (lessor) and tenant (lessee) for the occupation or use of the landlord’s property by the tenant for a specified time and for a specified consideration (rental).


32.

Lessee

Tenant under a lease.


33.

Lessor

The person who grants use of property under lease to a tenant.


34.

Lien

A right of encumbrance affecting any property.


35.

Lis Pendens

(legal phrase, Latin.) Notice of the commencement of a Court action recorded on the title of property in the land registry office (also referred to as a certificate of pending litigation).


36.

Mechanic’s Lien

A claim filed in the land registry office by an individual, or company, for labour or material, or both, supplied for the improvement of the property (also referred to as a construction lien or repairer’s lien).


37.

Mortgage

A conveyance of property to a creditor as security for payment of a debt with a right of redemption at a specified date.


38.

Mortgagee

The one to whom property is conveyed as security for the payment of a debt; the lender or creditor.


39.

Mortgagor

The one who makes the mortgage; the borrower or debtor.


40.

Option

A right given by the owner of property to another (for a valuable consideration) to buy certain property within a limited time at an agreed price.


41.

Personal Property

All property, except land and the improvements thereon.


42.

Power of Attorney

Delegated written authority to a person to legally act on behalf of another.


43.

Principal

The person or company who employs the agent; re money — constitutes the original sum invested or loaned.


44.

Quit Claim Deed

A general release of all claims or rights to a parcel of land.


45.

Real Estate

As defined in section 1 of the Act.


46.

Survey

The accurate mathematical measurements of land and buildings thereon, made with the aid of instruments.


47.

Tenant

One who occupies land or tenement under a landlord.


48.

Tenants-in-Common

Ownership of land by two or more persons; unlike joint tenancy in that interest of deceased does not pass to the survivor, but is treated as an asset of the deceased’s estate. R.R.O. 1990, Reg. 986, Sched. FORM 1 Revoked: O. Reg. 323/00, s. 4. FORM 2 Revoked: O. Reg. 323/00, s. 4. FORM 3 Revoked: O. Reg. 323/00, s. 4. FORM 4   TRADE RECORD SHEET Real Estate and Business Brokers Act  R.R.O. 1990, Reg. 986, Form 4.