Principal
The face value amount of a loan on which
interest is calculated.
Stamp duty
Revenue raised by governments on written instruments
such as agreements, conveyances and transfers of
land. When buying a home, the most common types
of stamp duty payable are stamp duty on transfer
of land and stamp duty on mortgage.
Tenants
In Common
When more than one person owns a property they
are often referred to as each person is a tenant
(or owner) and owns a specified share of the land.
Shares can be equal or unequal. Unlike joint tenants,
there is no right of survivorship. Each share may
be dealt with by sale, bequest, gift etc., as for
sole ownership.
Transfer of Land
A document registered in the Land Titles Office
which recognises and acknowledges the property
ownership. This is also noted on the Certificate
of Title.
Valuation
A report written by a registered valuer,
detailing their opinion of the value of
a property.
Variable Rate Loan
A loan for which
the interest rate changes as conditions in the
money market change.
Vendor
The person selling the
property.
Unencumbered
A property that is free of
any encumbrances, covenants, restrictions.
It'
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