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

foreclosure

Real estate; Residential

Legal process by which the lender takes possession and ownership of a property when the borrower does not meet the mortgage obligations.

High Ratio Mortgate

Real estate; Residential

Mortgage that exceeds seventy-five percent of the loan-to-value ratio. It must be insured by either the Canada Mortgage and Housing Corporation (CMHC) or a private insurer to protect the lender ...

mortgage

Real estate; Residential

Contract between a borrower and a lender whereby the borrower pledges a property as security to guarantee repayment of the mortgage debt. Source: Vancouver Island Real Estate Board.

lien

Real estate; Residential

Any legal claim of one person against a property of another, filed to ensure payment of a debt or the satisfaction of an obligation. Source: Vancouver Island Real Estate Board.

mortgage insurance

Real estate; Residential

Insurance protecting the lender against the borrower's default on high-ratio mortgages, usually backed by the government or a private insurance company. Source: Vancouver Island Real Estate Board.

Fee paid by the borrower to the lender in exchange for being permitted to break a contract, or mortgage agreement. Usually three months interest, but it can be higher or the equivalent of the loss of ...

Multiple Listing Service (MLS)

Real estate; Residential

Current and comprehensive listing system to provide information on properties for sale. It offers the widest exposure to properties listed for sale, including exposure on the Internet. Source: ...