Whitehorse Real Estate Slang
Lingo you need to know.
Accepted Offer / Under contract
The Vendor and Purchaser have signed the contract of purchase and sale agreeing to all the terms, conditions and price. The contract is binding, the Purchaser has time to conduct their due diligence to satisfy the subjects like inspection, financing and insurance.
Condition / Subject Clauses
added to the contract of purchase and sale for the sole benefit of one party to the contract. Common conditions or subject clauses purchasers include are mortgage approval, professional building inspection, home insurance quotes, checking building permits. If the purchaser is not satisfied with the results of any of the conditions, they may be able to cancel the sale and walk away from the contract. The purchaser has a preset amount of time to satisfy these conditions, typically 5 to 10 business days.
Subject to Sale / Time Clause
The vendor is allowing the purchaser time to sell a property. If the vendor receives another offer they want to accept, the vendor issues a notice to the 1st purchaser that they have a certain number of hours or days to remove the condition of selling their property or the deal collapses. The vendor is free to accept a new contract of purchase and sale from the new purchaser.
Deposit
Once the vendor accepts an offer. The purchaser submits a deposit to “Re/Max Action Realty in Trust”. This money shows the vendor that you have some skin in the game. The deposit can be any amount, a minimum deposit usually is $5000.00 and is returned to the purchaser if the purchaser does not remove the conditions or subjects.
Pre-approval
Your lender is checking your credit score, downpayment funds, debt service ratio, job security, and giving you a firm budget to shop for a home. A pre-approval is not a guarantee as every pre-approval is conditional on the bank hiring an appraiser to ensure the home is worth the price you have agreed to pay for it. This is why it is wise to make your offer conditional to a suitable mortgage being made available to you.
Inspection
The purchaser hires an inspector to give them a report on the condition of the property. A common myth is that inspectors pass or fail homes; this is not the case because every purchaser has a different expectation and willingness to repair a home. Once the purchaser has reviewed the inspection, they have options. Accept the state of the property ‘As-Is’, request the vendor to repair deficiencies, request a price reduction or walk away from the deal. The vendor is under no obligation to agree to any of the purchaser’s requests.
Condos
The building is on land owned in common with other owners. The condominium plan will explain in detail how the property is designated and if you have any area that is for your exclusive use. For instance, a balcony or patio or fenced yard.
Condo Documents
A condition added to the contract giving the purchaser the ability to review and approve the business dealings of the condo corporation.
– Current rules, bylaws and regulations
– Insurance certificate documents
– The condominium plan if available.
– Condominium declaration and any amendments registered to the declaration
– Minutes of any meeting from the past 12 months held by members of the condo corporation including, annual, extraordinary, special general meetings and proposed or passed resolutions.
– Most recent AGM
– Most recent financial statements
– Rental disclosure statement (if any)
Condition removal day / subject removal
The date conditions or subject clauses listed in the contract of purchase and sale are due to be removed from the contract. An example of a condition or subject clause.
Subject to the Purchaser obtaining approval for fire/property insurance, satisfactory to the
Purchaser, by _______________. This condition is for the sole benefit of the Purchasers.
Viewing
Slang used to describe an appointment to meet at a property and walk through the home and determine if the property is appropriate for your intended use.
Open house
A REALTOR® will advertise to the general public that they are welcome to drop in and view a property without obligation during the advertised time. If you don’t want to be solicited by them, mention I am your REALTOR®, or I will call ahead for you to let them know you are working with me.
Deadline
The vendor is not willing to receive offers until a certain date.
Disclosure
The vendor may include a written notice to the purchaser with information about the property that they deem a prudent purchaser would want to know.
Super Green
Homes built to save energy one example of a condominium built in Whistlebend at 25 Iskoot Cresent
– R-19 Exterior metal doors
– Triple pane windows
– HRV – Heat recovery and ventilation system
– Common walls, double 2×6, R-40
– Roof insulation R-68
– Exterior wall 2×8 frame, vapour barrier, R-28 + R-8
Mobile home / Trailer / Manufactured
A prebuilt structure that is permanently attached to wheels so it can be moved to the location and most often not set on a permanent foundation. Frequently located in mobile home parks.
Modular Home
Homes that are prebuilt in factories and then disassembled and re-assembled on-site, some manufactured homes look like traditional homes that are 100% built on-site.
L.I.C – Local Improvement Charge
This is an amount charged by the municipal or territorial taxation authority for services not covered by the previous mill rate.
In the city of Whitehorse, the oldest neighbourhoods are having the water and sewer mains replaced. The municipal property tax has an additional amount charged for 25 years to pay for the new infrastructure. Country property can have a LIC for the expense of drilling a well or power service.
