To vacate a property with a definite intention never to return.

Registry System: A condensed history of the title to a parcel of land consisting of a synopsis of every recorded instrument affecting the title to that land arranged in chronological order of recording.
Land Titles System: A chronological listing of every recorded instrument currently affecting the title to that land.

A clause in a mortgage which provides that where default has occurred in making any payment of moneys due under a mortgage or in the observance of any covenant in a mortgage and under the terms of the mortgage, by reason of such default, all moneys secured thereby become due and payable.

The offeree's consent to enter into a contract and to be bound by the terms of the offer.

The interest charged for the period of time that has elapsed since interest was last deducted.

A legal remedy available to a mortgagee when a mortgage is in default.

A legal remedy available to a mortgagee when a mortgage is in default.

A pro-rated division and distribution of prepaid or accrued taxes, prepaid insurance premiums, prepaid rents and other income and expenses. Apportionment usually occurs when a property is sold, and is the manner of determining the amounts due to and from the parties.

The right by which someone occupying a piece of land might acquire title against the real owner, if the occupant's possession has been actual, continuous, hostile, visible, and distinct for a statutory period. Adverse possession is not possible under Land Titles or when Crown property is involved.

A statement or declaration in writing and sworn to or affirmed before some officer who is authorized to administer an oath or affirmation, such as a notary public, or commissioner of oaths.

An agency is created when one person, called the principal, authorizes another person, called the agent, to act on behalf of and subject to the control of the principal.

A written agreement between vendor and purchaser in which the purchaser agrees to buy certain real property and the vendor agrees to sell upon terms and conditions as set forth in that agreement.

A method of financing a sale, but different from a mortgage. The buyer does not receive a deed nor does title pass to him or her immediately; rather he or she receives a contractual interest on a time basis. Payments are made directly to the seller who in turn is still responsible for any outstanding mortgage on the property. The seller who still holds title may mortgage their remaining equity.

A type of acceleration clause that demands payment of the entire debt upon sale or other transfer of the title.

An agreement between the lender and borrower which may or may not be registered on title by the lender in which the terms of the registered mortgage are changed.

Term used to describe the time over which the mortgage is to be paid, assuming equal payments. The life of a loan, e.g. a mortgage with a 25-year amortization period means that if all regular payments were made on time and the terms (payment, interest rate) remained the same, it would take 25 years to reduce the balance to 0.

A table showing the amounts of principal and interest comprising each level payment due at regular intervals and the outstanding principal balance of the loan after each level payment is made.

A mortgage requiring regular payments which include both principal and interest sufficient to fully repay the loan by maturity.

The same date in each calendar year during the term of the mortgage with the first anniversary date taking place one year from the date interest is finally adjusted.

A legal remedy available to a mortgagee when a mortgage is in default.

An independent assessment of the property by a qualified individual. A statement giving an opinion of value of an adequately described property, as at a specific date and supported by pertinent data.

An appraiser determines the market value of a house based on its condition and the selling price of comparable houses recently sold in the area.

A right used with the land for its benefit.

The determination of a dispute by a disinterested third party.

A transaction between unrelated parties. A transaction freely arrived at in the open market unaffected by abnormal pressures as might be true in the case of a transaction between related parties.

A value placed upon property (land and buildings) for taxation purposes.

An annual list of the assessed values of all properties in a municipality, which includes the name of the property owner or tenant and their address. Assessment rolls are usually delivered to a municipality before the end of the year. The term "roll" comes from ancient times and refers to the way information used to be stored - on paper or parchment, rolled up into cylinders.

One who takes the rights or title of another by assignment.

The absolute or conditional transfer of the rights of either party to a lease.

The transfer of ownership of a mortgage from one party to another.

A contract whereby the mortgagor grants the mortgagee the right to collect future rents on a given occurrence, normally default. Normally taken as additional security on rental loans.

One who transfers or assigns the rights or title to another.

The act of assuming liability for an existing mortgage on a property by the purchaser of that property. With builders' loans, the assumption is usually evidenced by written agreement.

The seizure of property by court order.

The agreement of a tenant to pay rent to a new landlord, especially a mortgagee who has commenced a legal action.

AVM stands for Automated Valuation Model. The AVM Product is a highly sophisticated valuation model and methodology developed to render a monthly "real-time" estimate of market value for essentially all residential properties in the province of Ontario.

Also know as the Statement of Financial Position or Statement of Assets and Liabilities is a listing of the assets, liabilities, and owners' equity of a business enterprise at a specific point in time. The assets must equal the liabilities plus the owners' equity.

The payment of the principal balance of a mortgage loan outstanding on maturity of the term. A balloon mortgage is one that does not fully amortize over its term to maturity.

The rate at which the Bank of Canada charges loans to the chartered banks. This is the rate on which lending institutions base their prime lending rate.

One one-hundredth of one percent. Used to describe the amount of change in yield in money debt instruments, including mortgages.

A provision in a governing act which allows trust and loan corporations to make investments and loans not authorized, but not specifically prohibited, on up to usually about 7% of assets.

A durable post, block or other device established by surveyors to indicate a definite point from which elevations are set.

A temporary agreement whereby one party agrees to insure another party pending receipt of, and final action upon, the application for insurance.

A single mortgage registered against two or more individual parcels of real property.

Regular equal mortgage payments combining interest and principal components.

A new interest rate on an increased mortgage loan which is derived from a formula which takes into account the interest rate and remaining term on the existing loan and the derived rate and term on the new funds being advanced.

In good faith, with valuable consideration and with absence of notice of any problems.

1. A sum paid by the mortgagor, or retained by the mortgagee from the advance of mortgage money, as part of the consideration for the making of the loan.
   
   
2. A sum paid by the mortgagor to the mortgagee as consideration for prepayment of all or part of the principle outstanding.

The capital amount at which property is shown on the books of an account. Usually it is the original cost, less reserves for depreciation plus additions to capital.

A document evidencing that a corporation has the power to borrow under its company charter.