As if moving into a condo or buying a condo wasn’t tricky enough now you have to decipher the lingo as well?!
Not to worry!
We’ve compiled a Glossary of the terms we are asked most frequently and broke them down to help you keep up with any Realtors and Property Managers you encounter along the way.
Agreement of Purchase and Sale (APS): A legal document used to state a buyer’s desire to purchase a property along with a deposit.
Amenities: Desirable and useful features of a building that contribute to the comfort of residents.
Closing: The final step in purchasing a condo where you receive your title.
Common Area: The area used by two or more tenants, and/or third parties, not under the control of any one tenant.
Common Elements: Various components of the condominium where homeowners share joint ownership: hallways, recreational areas, parking garage, parking space, storage locker, roof.
Condominium: A form of land ownership where a property is divided into private residential units that share many common elements.
Condominium Fees: A monthly sum paid by each homeowner that goes toward the operation and upkeep of the common elements.
Credit History: Sometimes called a credit report. This is the main report that lenders use to determine if you qualify for a loan.
Down Payment: A portion of the purchase price that is not financed by the mortgage loan.
High Rise: A building that has seven or more stories.
Low Rise: Buildings that are three stories or less.
Mid Rise: Buildings that are three to seven stories high.
Occupancy: Moving into a condominium and making it your residence.
Occupancy Date: The date that defines when you must take occupancy of your home.
Real Estate Agent: Someone who sells or rents out buildings and land for clients.
Reserve Funds: A fund required to be set aside by the Condominium Corporation to cover the major repair and replacement of the common elements and assets of the condominium
Townhome: One of several single-family homes, side-by-side.