Glossary

AMORTIZATION PERIOD:
Number of years required to re-imburse a mortgage.

APPROXIMATE VALUE:
Value of the property estimated by a certified appraiser in order to grant a mortgage.  Do not confuse with building inspection.

TRANSFERABLE LOAN:
Mortgage allowing the buyer to take over the mortgage of the sellor.

CLOSED MORTGAGE:
Mortgage with a specific re-imbursement calendar.  An indemnity is usually requested in case of full re-imbursement of the loan prior to established duration. 

CONDOMINIUM CHARGES:
Amount paid by the owners for community expenses.

STANDARD MORTGAGE:
Mortgage representing 75% of the estimated value or the purchase price of the property, the lesser of the two amounts.

DOWN PAYMENT:
Cash payment by the buyer.  Difference between purchase price and mortgage.

EARNED VALUE:
Difference between the market value of the property and loans on the property.