Real Estate Glossary C [Part 10]

CONTINUED-FROM

Continued from…

:point_right: Real Estate Glossary C [Part 9]

Capital gains tax

This is a tax on capital gains from the sale of investment properties. The difference between the final sale price and the original purchase price is the capital gain.

Caveat

Anyone with a legal interest in the property can file a caveat on the Land Titles Register, which prevents the property from being sold without their knowledge.

Central heating

Building heating is provided from a central source by circulating hot water or steam through pipes and radiators, or warm air through ducts.

Colonial architecture

Traditional design, typically based on the characteristics of colonial homes.

Common listing

Open Listing is another name for it. This is the term used when a seller gives a property to more than one agent. The inverse term for this is “exclusive listing.” The commission is paid to the first agent who finds a buyer who is ready, willing, and able to pay the price and terms acceptable to the vendor.

Compulsory acquisition

A private person has a power in the Crown to acquire property, whether or not that person is willing to sell.

Conditions of sale

The terms under which a buyer takes an item that was sold to them.