Real Estate Glossary and Terms
Realty Terms beginning with T
The length of time a mortgage has been committed for. The interest rate usually remains constant during this term unless the commitment states otherwise.
A loan intended for medium or long-term financing that provides cash to purchase fixed assets such as machinery, land or buildings, or to renovate business premises.
A form of property ownership where multiple owners take turns using the property at designated times throughout the year. Timeshares are typically vacation homes located in resort destinations.
Evidence or written proof that shows a person's right to possession or ownership of a property.
A company that receives a property's title prior to its sale. The company looks for any liens or claims and works to fix any issues that are found. They also supervise the closing transaction and ensure that final money transfers are processed correctly.
A policy that protects the lender against loss which can result from inconsistencies in a property title such as liens or claims against the property. This policy also protects the homeowner if he or she purchases an owner's policy in addition to the title insurance.
An examination of public records to ensure that an owner of real property has the right to transfer ownership of the title. This type of search is designed to identify disparities in the chain of title, liens, problems with the legal description of the property, judgments against the owner, etc.
A system that is provided by Provincial law for the registration of land titles. The system records the state of the title, including ownership and encumbrances without the necessity of an additional search of the public records. Also known as the "Land Titles System."
Total Debt Service Ratio (TDS)
Percentage of gross annual income of a borrower required to maintain annual payments of the mortgage, property taxes, hydro and other debts such as loans, credit card payments, child support, and leases.