BRIDGE FINANCING
Interim financing to bridge the time gap between the closing date on the purchase of a
new home and the closing date on the sale of the current home.
BUILDING CODES
Provincial or locally adopted regulations that control the design, construction, repair,
quality of building materials, use, and occupancy of any structure under its jurisdiction.
CHATTEL
Articles of personal property such as household goods, furnishings, and fixtures that are
not permanently affixed to the house.
CLOSED MORTGAGE
The restriction or denial of repayment rights until the end of the mortgage term.
CLOSING
The meeting (usually in a lawyer's office) at which the transfer of title of property
passes from the seller to the buyer.
CLOSING COSTS
All the charges that are attached to the closing ceremony. These one-time fees include
charges for title search and insurance, attorney's fee, lender and/or broker fee(s).
C.M.H.C.
Canada Mortgage and Housing Corporation, a Crown Corporation which administers
the National Housing Act.
C.M.H.C. INSURANCE
If your down payment is less than 25% , you must have mortgage insurance. It insures
the lender against the possibility of you defaulting on your mortgage. Canada Mortgage
and Housing Corporation is the principal source of mortgage insurance. G.E. Capital
also provides mortgage insurance to many of Canada's financial institutions.
COMMISSION
The payment given by the seller of a property to a Real Estate agent for his/her
services.The amount is usually a percentage of the sale price and is usually paid at
closing.
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