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Knowledge Hub

BC Real Estate Glossary

Term's you may encounter buying or selling in British Columbia — with 10 FAQs per term.

Agency & Disclosure (10)

Buyer's Agency
Agency & Disclosure
→
Client vs. Customer Distinction
Agency & Disclosure
→
Designated Agency
Agency & Disclosure
→
Disclosure of Interest in Trade
Agency & Disclosure
→
Disclosure of Remuneration
Agency & Disclosure
→
Disclosure of Representation in Trading Services (DORTS)
Agency & Disclosure
→
Fee Sharing Disclosure
Agency & Disclosure
→
Limited Dual Agency Exemption
Agency & Disclosure
→
Unrepresented Buyer
Agency & Disclosure
→
Working With a REALTOR® Form
Agency & Disclosure
→

Appraisal & Value (5)

Appreciation
Appraisal & Value
→
Equity
Appraisal & Value
→
Highest and Best Use
Appraisal & Value
→
Price Per Square Foot
Appraisal & Value
→
Replacement Cost
Appraisal & Value
→

BC Specific (13)

Accessory Dwelling Unit (ADU)
BC Specific
→
Agricultural Land Reserve (ALR)
BC Specific
→
BC Assessment vs Market Value
BC Specific
→
Code of Practice for Agricultural Environmental Management (AEM Code)
BC Specific
→
Diking / Drainage Districts
BC Specific
→
Float Home / Houseboat
BC Specific
→
Foreshore Lease / Crown Foreshore Tenure
BC Specific
→
Heritage Designation
BC Specific
→
Laneway House / Garden Suite
BC Specific
→
Manufactured Home
BC Specific
→
Rezoning / Upzoning
BC Specific
→
Right to Farm
BC Specific
→
Secondary Suite — Legal vs Unauthorized
BC Specific
→

Building Code (4)

BC Building Code
Building Code
→
EV Charging Requirements (BC)
Building Code
→
Heat Pump Requirements
Building Code
→
Step Code
Building Code
→

Buying & Selling (25)

Accepted Offer
Buying & Selling
→
As-Is Sale
Buying & Selling
→
Backup Offer
Buying & Selling
→
Cash Offer
Buying & Selling
→
Closing Costs
Buying & Selling
→
Conditional Offer
Buying & Selling
→
Counter Offer
Buying & Selling
→
Days on Market (DOM)
Buying & Selling
→
Dual Agency
Buying & Selling
→
Exclusive Listing
Buying & Selling
→
Final Walkthrough
Buying & Selling
→
Half Duplex — Strata vs Non-Strata
Buying & Selling
→
Home Inspection
Buying & Selling
→
Home Staging
Buying & Selling
→
Listing Agreement
Buying & Selling
→
MLS® System
Buying & Selling
→
Move-In Ready
Buying & Selling
→
Multiple Offers
Buying & Selling
→
Open House
Buying & Selling
→
Presale / Pre-Construction
Buying & Selling
→
Price Reduction
Buying & Selling
→
Seller's Disclosure Statement (PDS)
Buying & Selling
→
Sellers Market vs Buyers Market
Buying & Selling
→
Stigmatized Property
Buying & Selling
→
Tenanted Property
Buying & Selling
→

Disclosure (3)

Material Latent Defect
Disclosure
→
Meth / Grow-Op History Disclosure
Disclosure
→
Patent Defect
Disclosure
→

Financing (84)

30-Year Amortization (Insured Mortgages)
Financing
→
Additional Payment Privilege
Financing
→
Adjustable Rate Mortgage (ARM)
Financing
→
Amortization Period
Financing
→
Appraisal for Mortgage
Financing
→
Approval Amount
Financing
→
Assumable Mortgage
Financing
→
Balloon Mortgage
Financing
→
Biweekly Mortgage Payment
Financing
→
Blended Payment
Financing
→
Blended Rate Mortgage
Financing
→
Break Penalty
Financing
→
Bridge Financing
Financing
→
Buydown Rate
Financing
→
Cash Back Mortgage
Financing
→
Cash to Close
Financing
→
Closed Mortgage
Financing
→
Co-Borrower
Financing
→
Co-Signer
Financing
→
Collateral Mortgage
Financing
→
Commitment Letter
Financing
→
Conventional Mortgage
Financing
→
Convertible Mortgage
Financing
→
Credit Score for Mortgage
Financing
→
Debt Service Ratio
Financing
→
Discharge Fee
Financing
→
Down Payment Gift Letter
Financing
→
Down Payment Requirements
Financing
→
Equity Takeout
Financing
→
First Home Savings Account (FHSA)
Financing
→
First Mortgage
Financing
→
Fixed Rate Mortgage
Financing
→
Fixed vs Variable Rate Mortgage
Financing
→
GDS and TDS Ratios
Financing
→
Gross Debt Service Ratio
Financing
→
Guarantor Mortgage
Financing
→
HELOC (Home Equity Line of Credit)
Financing
→
High-Ratio Mortgage
Financing
→
Home Buyers' Plan (HBP)
Financing
→
Home Equity
Financing
→
Income Verification
Financing
→
Insured Mortgage
Financing
→
Interest Adjustment Date
Financing
→
Interest Rate
Financing
→
Interest Rate Differential
Financing
→
Loan-to-Value Ratio (LTV)
Financing
→
Lump Sum Payment
Financing
→
Maturity Date
Financing
→
Mortgage
Financing
→
Mortgage Broker
Financing
→
Mortgage Commitment
Financing
→
Mortgage Discharge
Financing
→
Mortgage Payment
Financing
→
Mortgage Pre-Approval
Financing
→
Mortgage Renewal
Financing
→
Mortgage Stress Test (B-20)
Financing
→
Mortgage Term
Financing
→
New Build Mortgage
Financing
→
Open Mortgage
Financing
→
Owner Occupied Mortgage
Financing
→
Payment Frequency
Financing
→
Portability (Mortgage)
Financing
→
Posted Rate
Financing
→
Pre-Authorized Payment
Financing
→
Pre-Qualification
Financing
→
Prepayment Penalty
Financing
→
Prepayment Privilege
Financing
→
Prime Rate
Financing
→
Principal Balance
Financing
→
Private Mortgage
Financing
→
Qualification Rate
Financing
→
Rate Hold
Financing
→
Refinance
Financing
→
Reverse Mortgage
Financing
→
Second Mortgage
Financing
→
Secured Line of Credit
Financing
→
Self Employed Mortgage
Financing
→
Shared Equity Mortgage
Financing
→
Stress Test
Financing
→
Switch Mortgage
Financing
→
Total Debt Service Ratio
Financing
→
Trigger Rate
Financing
→
Uninsured / Conventional Mortgage
Financing
→
Vendor Take Back Mortgage
Financing
→

Government & Tax (2)

Capital Gains Tax (Real Estate)
Government & Tax
→
Municipal Property Tax
Government & Tax
→

Inspection & Home Condition (8)

Aluminum Wiring
Inspection & Home Condition
→
Drain Tile
Inspection & Home Condition
→
Foundation Issues
Inspection & Home Condition
→
Knob and Tube Wiring
Inspection & Home Condition
→
Mold
Inspection & Home Condition
→
Rainscreen
Inspection & Home Condition
→
Roof Age
Inspection & Home Condition
→
Structural Deficiency
Inspection & Home Condition
→

Inspections (2)

Asbestos Inspection
Inspections
→
Radon Testing
Inspections
→

Insurance (10)

Builder's Risk Insurance
Insurance
→
Earthquake Insurance
Insurance
→
Errors & Omissions Insurance (E&O)
Insurance
→
Flood Insurance
Insurance
→
Home Insurance
Insurance
→
Liability Coverage
Insurance
→
Replacement Cost Coverage
Insurance
→
Sewer Backup Coverage
Insurance
→
Tenant Insurance
Insurance
→
Vacancy Insurance
Insurance
→

Investing (1)

Cap Rate
Investing
→

Land & Rural (7)

Access Easement
Land & Rural
→
Acreage
Land & Rural
→
Frontage
Land & Rural
→
Serviced Lot
Land & Rural
→
Subdivision Potential
Land & Rural
→
Timber Value
Land & Rural
→
Unserviced Lot
Land & Rural
→

Land Use (8)

Building Permit
Land Use
→
Community Amenity Contribution (CAC)
Land Use
→
Development Cost Charges (DCC)
Land Use
→
Development Permit
Land Use
→
Official Community Plan (OCP)
Land Use
→
Regional Growth Strategy
Land Use
→
Riparian Areas Protection Regulation (RAPR)
Land Use
→
Variance
Land Use
→

Legal & Contract (5)

Assignment of Contract
Legal & Contract
→
Firm Deal
Legal & Contract
→
Home Buyer Rescission Period (HBRP)
Legal & Contract
→
Specific Performance
Legal & Contract
→
Subject Removal
Legal & Contract
→

Legal & Conveyancing (10)

Court Ordered Sale
Legal & Conveyancing
→
Encroachment
Legal & Conveyancing
→
Enduring POA
Legal & Conveyancing
→
Estate Sale
Legal & Conveyancing
→
Executor
Legal & Conveyancing
→
Foreclosure
Legal & Conveyancing
→
Legal Non-Conforming Use
Legal & Conveyancing
→
Tenancy Agreement
Legal & Conveyancing
→
Transmission Application
Legal & Conveyancing
→
Wills Notice Search
Legal & Conveyancing
→

Legal & Title (10)

Completion Day vs Possession Day
Legal & Title
→
Conveyancing
Legal & Title
→
Covenant
Legal & Title
→
Easement
Legal & Title
→
FINTRAC Requirements
Legal & Title
→
Statement of Adjustments
Legal & Title
→
Subject Clauses
Legal & Title
→
Tenancy in Common vs Joint Tenancy
Legal & Title
→
Title Search
Legal & Title
→
Underground Oil Storage Tank
Legal & Title
→

Legislation (3)

Principal Residence Requirement (STRAA)
Legislation
→
Short-Term Rental Accommodations Act (STRAA)
Legislation
→
Strata Property Act
Legislation
→

Presale & Development (8)

2-5-10 Home Warranty
Presale & Development
→
Deposit Protection (REDMA)
Presale & Development
→
Disclosure Statement (REDMA)
Presale & Development
→
Licensed Residential Builder
Presale & Development
→
Master Disclosure Statement
Presale & Development
→
Occupancy Permit
Presale & Development
→
REDMA 7-Day Rescission Right
Presale & Development
→
Substantial Completion
Presale & Development
→

Process & General (12)

BCFSA
Process & General
→
Building Envelope
Process & General
→
Deposit
Process & General
→
Floor Space Ratio (FSR)
Process & General
→
Notary Public vs Lawyer
Process & General
→
Offer / Contract of Purchase and Sale
Process & General
→
Probate Sale
Process & General
→
Real Estate Agent
Process & General
→
REALTOR®
Process & General
→
Setback
Process & General
→
VOW — Virtual Office Website
Process & General
→
Zoning
Process & General
→

Property Types (50)

Agricultural zoning (A)
Property Types
→
Barn / Stable
Property Types
→
Builder's lien (equestrian construction)
Property Types
→
Coach House
Property Types
→
Custom-built luxury home
Property Types
→
Detached House
Property Types
→
Drainage and runoff controls
Property Types
→
Duplex
Property Types
→
Easement (access or utility for equestrian use)
Property Types
→
Entry price for luxury segment
Property Types
→
Equestrian Community
Property Types
→
Equestrian Property / Horse Property
Property Types
→
Estate property
Property Types
→
Feed storage / hay storage
Property Types
→
Fourplex
Property Types
→
Freehold Property
Property Types
→
Gated / guard-gated community
Property Types
→
Guest house / carriage house
Property Types
→
High-end amenities
Property Types
→
Horse ranch / horse farm
Property Types
→
Indoor pool / outdoor leisure complex
Property Types
→
Livestock bylaw / animal bylaw
Property Types
→
Lot Size
Property Types
→
Luxury property
Property Types
→
Manure management / removal
Property Types
→
Micro-market (luxury)
Property Types
→
Ocean view / mountain view property
Property Types
→
Paddock / Pen
Property Types
→
Pasture / Grazing Land
Property Types
→
Permit for equestrian facilities
Property Types
→
Prime location
Property Types
→
Private beach access
Property Types
→
Resale liquidity (luxury)
Property Types
→
Restrictive covenant (equestrian-specific)
Property Types
→
Round pen
Property Types
→
Semi-Detached House
Property Types
→
Setback requirements
Property Types
→
Single Family Home
Property Types
→
Smart home / home automation
Property Types
→
Stall
Property Types
→
Tack room
Property Types
→
Townhouse
Property Types
→
Trails / deeded trails
Property Types
→
Triplex
Property Types
→
Turnout area
Property Types
→
Ultra-luxury / estate-level property
Property Types
→
Wash rack / wash area
Property Types
→
Water rights / well access
Property Types
→
Waterfront property
Property Types
→
Wine cellar
Property Types
→

Property Value (6)

Appraised Value
Property Value
→
BC Assessment Value
Property Value
→
Benchmark Price
Property Value
→
Comparative Market Analysis (CMA)
Property Value
→
Median Price
Property Value
→
Sales-to-Active-Listings Ratio
Property Value
→

Rural & Acreage (10)

Equestrian Zoning
Rural & Acreage
→
Farm Class (Classification 9)
Rural & Acreage
→
Floodplain Designation
Rural & Acreage
→
Groundwater Protection Regulation
Rural & Acreage
→
Perc Test (Percolation Test)
Rural & Acreage
→
Rural Residential Zoning
Rural & Acreage
→
Septic System Registration
Rural & Acreage
→
Water Licence
Rural & Acreage
→
Well Record
Rural & Acreage
→
Well Water Testing
Rural & Acreage
→

Strata (23)

3/4 Vote Resolution
Strata
→
55+ Age Restriction Bylaw
Strata
→
Age Restriction Bylaws (Prohibited 2022)
Strata
→
Air Space Parcel
Strata
→
Annual General Meeting (AGM)
Strata
→
Bylaw Fine
Strata
→
Civil Resolution Tribunal (CRT)
Strata
→
Electrical Planning Report (EPR)
Strata
→
EV Ready Plan
Strata
→
Kitec Plumbing
Strata
→
Leaky Condo
Strata
→
Leasehold Strata
Strata
→
Operating Fund
Strata
→
Pet Restriction Bylaws (Strata)
Strata
→
Polybutylene (Poly-B) Piping
Strata
→
Proxy
Strata
→
Quorum
Strata
→
Rental Restriction Bylaws (Prohibited 2022)
Strata
→
Section 100 Vote (Wind-Up)
Strata
→
Short-Term Rental Restrictions (Strata)
Strata
→
Special General Meeting (SGM)
Strata
→
Standard Bylaws
Strata
→
Strata Council
Strata
→

Strata & Condo (14)

Bare Land Strata
Strata & Condo
→
Contingency Reserve Fund (CRF)
Strata & Condo
→
Depreciation Report
Strata & Condo
→
Form B — Strata Information Certificate
Strata & Condo
→
Form F — Certificate of Payment
Strata & Condo
→
Form G — Certificate of Lien
Strata & Condo
→
Form H — Acknowledgment of Payment
Strata & Condo
→
Notice to Mortgagee
Strata & Condo
→
Parking Stall Ownership
Strata & Condo
→
Special Levy
Strata & Condo
→
Storage Locker Title
Strata & Condo
→
Strata Bylaws
Strata & Condo
→
Strata Corporation
Strata & Condo
→
Strata Fees
Strata & Condo
→

Strata Documents (23)

AGM Minutes
Strata Documents
→
Building Envelope Report
Strata Documents
→
Common Property vs Limited Common Property
Strata Documents
→
Council Meeting Minutes
Strata Documents
→
Engineer's Report
Strata Documents
→
Financial Statements
Strata Documents
→
Form I — Rental Disclosure Statement
Strata Documents
→
Form K — Notice of Tenant's Responsibilities
Strata Documents
→
Insurance Summary / Strata Insurance Certificate
Strata Documents
→
Maintenance Log
Strata Documents
→
Outstanding Work Orders / Notices
Strata Documents
→
Phased Strata Plan
Strata Documents
→
Registered Strata Plan Amendment
Strata Documents
→
SGM Minutes
Strata Documents
→
Special Levy Resolution
Strata Documents
→
Strata Budget
Strata Documents
→
Strata Fee Schedule
Strata Documents
→
Strata Insurance Deductible Bylaw
Strata Documents
→
Strata Lot
Strata Documents
→
Strata Plan
Strata Documents
→
Strata Rules
Strata Documents
→
Strata Section
Strata Documents
→
Unit Entitlement
Strata Documents
→

Taxation (12)

Additional Property Transfer Tax (Foreign Buyer PTT)
Taxation
→
BC Home Flipping Tax
Taxation
→
Federal Anti-Flipping Rule
Taxation
→
First Time Home Buyers' Program (PTT)
Taxation
→
GST New Housing Rebate (BC)
Taxation
→
Newly Built Home Exemption (PTT)
Taxation
→
Non-Resident Withholding Tax
Taxation
→
Principal Residence Exemption
Taxation
→
Property Tax Deferment Program
Taxation
→
Rural Property Tax
Taxation
→
School Tax
Taxation
→
Underused Housing Tax (UHT)
Taxation
→

Taxes & Costs (7)

CMHC Mortgage Default Insurance
Taxes & Costs
→
Empty Homes Tax (Vancouver)
Taxes & Costs
→
First-Time Home Buyer Incentives
Taxes & Costs
→
Foreign Buyer Ban (Federal Act)
Taxes & Costs
→
Homeowner Grant
Taxes & Costs
→
Property Transfer Tax (PTT)
Taxes & Costs
→
Speculation and Vacancy Tax
Taxes & Costs
→

Tenancy (3)

Four-Month Notice to End Tenancy for Landlord's Use
Tenancy
→
Residential Tenancy Branch (RTB)
Tenancy
→
Three-Month Notice to End Tenancy for Purchaser's Use
Tenancy
→

Title & Ownership (13)

Bare Trust
Title & Ownership
→
BC Land Title and Survey Authority (LTSA)
Title & Ownership
→
Cooperative (Co-op)
Title & Ownership
→
Encumbrance
Title & Ownership
→
Fee Simple
Title & Ownership
→
Form C Charge
Title & Ownership
→
Land Owner Transparency Registry (LOTR)
Title & Ownership
→
Land Title Office
Title & Ownership
→
Leasehold
Title & Ownership
→
Parcel Identifier (PID)
Title & Ownership
→
Restrictive Covenant (Section 219)
Title & Ownership
→
Statutory Right of Way
Title & Ownership
→
Title Insurance
Title & Ownership
→

Transaction & Closing (5)

Adjustment Date
Transaction & Closing
→
Builders Lien
Transaction & Closing
→
Completion Date
Transaction & Closing
→
Holdback (Builders Lien Act)
Transaction & Closing
→
Possession Date
Transaction & Closing
→
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