Residential

Residential

Residential locations are uses of lands for the purpose of housing rather than commercial industrial agricultural etc.

Industry: Real estate

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Residential

Condominium ownership

Real estate; Residential

Shared ownership in a strata-titled property. Owners have title to individual units and a proportionate share in the common property. Source: Vancouver Island Real Estate Board.

Conventional mortgage

Real estate; Residential

First mortgage issued for up to seventy-five percent of the appraised or purchase price of the property, whichever is the lowest. Source: Vancouver Island Real Estate Board.

conveyance

Real estate; Residential

Process of transferring the seller's title to the buyer which indicates all the necessary steps to complete the transfer. A conveyancer is a lawyer or Notary Public responsible for the conveyance ...

property condition disclosure statement

Form which enables sellers to disclose known defects on their property. If the sellers decides not to complete the form and does not disclose known defects, he is held liable. The form also serves as ...

property transfer tax

Real estate; Residential

Land registration tax which must be paid when an application for a taxable transaction is made at any Land Title Office in British Columbia to register changes to a certificate of title. Property ...

realtor

Real estate; Residential

Real estate professionals who are members of the Vancouver Island Real Estate Board, the British Columbia Real Estate Association and the Canadian Real Estate Association. Only these professionals ...

Gross Debt Service Ration (GDS)

Real estate; Residential

Amount that a lender will permit a borrower to use from his gross income in order to qualify for a loan for housing costs, including mortgage payment and taxes. The Total Debt Services Ratio (TDS) is ...