Agreement of Purchase and Sale: A written contract outlining the terms of sale between the buyer and seller.

Appraisal: A licensed appraiser conducts an unbiased estimate of the property’s value to determine its market value.

Asking Price: The initial price set by the seller for their property may be negotiable.

Buyer’s Market: A market condition with more homes for sale than buyers, giving buyers more negotiating power.

Broker: A licensed individual or firm facilitating real estate transactions between buyers and sellers.

Closing Costs: Expenses incurred during the closing of a real estate transaction, typically including legal fees, transfer taxes, and home inspection fees.

Condition of Sale: Specific terms must be met for the sale to go through, such as repairs or financial approval.

Down Payment: The initial amount of money a buyer pays directly toward the purchase price of a home, typically a percentage of the total cost.

Final Walkthrough: A last inspection by the buyer to ensure the property is in agreed-upon condition before closing.

Governing Documents: Rules and regulations govern a property, particularly condominiums and cooperative housing.

Home Inspection: A professional evaluation of a home’s condition, including structural integrity, systems, and safety, before the transaction is finalized.

Home Staging is the process of decorating and arranging a home to make it more appealing to potential buyers.

Inclusive Closing Cost: Total cost to finalize the transaction, which may include all local taxes, fees, and home inspections.

Joint Tenancy: A method of property ownership where two or more people hold equal shares, with the right of survivorship.

Listing Agreement: A contract between a seller and a real estate agent outlining the terms of the sale and the agent’s commission.

Market Value is the estimated price a property would sell for in a competitive and open market.

Open House: A scheduled event where prospective buyers can view a property without an appointment.

Pending Sale: A property that has accepted an offer and is awaiting the completion of the sale process.

Property Disclosure Statement: A legal document that informs potential buyers of known issues or defects in the property.

Real Property Report (RPR): A document that shows the boundaries and structures of a real estate property, often needed for mortgage approvals.

Offer to Purchase: A formal proposal made by a buyer to purchase a property, specifying the terms and conditions.

Sale Price: The final Price at which a property is sold after negotiations.

Title Insurance: Insurance that protects against loss from defects in the title to a property, including issues such as liens or fraud.

Transfer Tax: A tax the province of Ontario charges when a property is sold, calculated as a percentage of the sale price.

Virtual Tour: A digital property simulation that allows potential buyers to view the home without being physically present.

Warranty: A promise made by the seller regarding certain aspects of the property, such as its condition or repairs made.

This glossary should be a helpful resource for home sellers in Ontario as they navigate the selling process!