I often get asked about different real estate terms.  My purchasers or sellers that I am helping don't always use the same terminoligy that I am used to.  While it's important to "speak the same language" I also need them to understand some common, frequently used terms from my real estate world!

 

Here are a FEW (of many ... you can get the ENTIRE list here) terms that I wanted to fill you in on the definition of.  This may help you in your search, whether it be now, in the near future or somewhere down the road.

 

Adjustment Date: The day from which all calculations of interest, tax adjustments, utility bill adjustments (if applicable) are made to the credit of either the purchaser or the vendors. This is usually (but not always) the same as the possession date.

 

Blended Mortgage Payments: Equal or regular mortgage payments, consisting of both a principal and an interest component.

 

Closing Costs: Expenses in addition to the purchase price for buying and selling a property.

 

Conventional Mortgage: A first mortgage issued for up to 75 per cent of the property's appraised value or purchase price, whichever is lower.

 

Debt Service Ratio: The percentage of a borrower's income that can be used for housing costs. Gross Debt Service (GDS) Ratio is the amount that a lender will permit a borrower to use from his/her gross income in order to qualify for a loan for housing costs, including mortgage payment and taxes (and condominium fees, when applicable). Total Debt Service (TDS) Ratio is the maximum percentage of a borrower's income that a lender will consider for all debt repayment (other loans and credit cards, etc.) including a mortgage.

 

Easement: A legal right to use or cross (right-of-way) another person's land for limited purposes. A common example is a utility company's right to run wires or lay pipe across a property.

 

Lien: Any legal claim against a property, filed to ensure payment of a debt.

 

Open Mortgage: A mortgage that can be prepaid or renegotiated at any time and in any amount, without penalty.

 

Statements of Adjustments: Closing statements in a real estate transaction which set out the sources of funds which make up the purchase price, adjustments to and from the purchase price, the final amount required from the purchase and the amount due to the vendor. Lawyers will prepare a statement for the vendor and the purchaser.

 

Title Search: A detailed examination of the ownership documents to ensure there are no liens or other encumbrances on the property, and no questions regarding the seller's ownership claim.

As mentioned, this is a shortened list provided by the FVREB.  You can get the whole list here.

 

I hope this has helped!  Let me know if you have any questions!

 

Till next time ...

 

 

 

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I'd like to share with you today a short update on the local markets for the Langley and Abbotsford areas:

 

 

If you have any questions about what's happening in the greater FVREB area don't hesitate to get in touch with me at michele@michelecartwright.com.

 

Till then ...

 

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Here are some new photos of the kids at Kanyimbo Orphan Home. I am always excited to share new pictures of them and to see some of the items purchased from donations from the donations from January 2013.

 

 

 

The home was able to buy 2 tonnes of firewood used to cook with as well as the following items:

 

  • Maize
  • Beans
  • Wimbi
  • Rice
  • Sugar
  • Toothpaste
  • Detergent
  • and many more food items to help the children in care

 

I am so thankful to be among the amazing Imani Orphan Care supporters. They truly are making a DIFFERENCE in the lives of these amazing kids.

 

Join with Imani Orphan Care in raising funds for the land for the new Imani Orphan Home. They have already managed to raise $12,000.00 and need $8,000.00 more in order to purchase a 3-5 acre plot of land. The land will be put into Imani Orphan Care's name in order to ensure that the land is used to care for orphaned and vulnerable children and used for charitable purposes. They plan to take in all 80 children currently living at Kanyimbo Orphan Home pictured above. As well as many of the children that are living on the streets in this rural town of Ogembo in Western Kenya.

 

Thank you for making this dream a reality for the many kids in need!

 

Imani Orphan Care is change the world one child at a time!

 

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I'm here to talk to you about Pink Shirt Day, and Supporting Anti-Bullying.  As you can see from this video, this is something that has affected me personally and I want to make a difference in any way I can! 

 

 

 

Here are some stats regarding bullying in Canada:

 

  • Canada has the 9th highest rate of bullying in the 13-years-olds category on a scale of 35 countries1
  • At least 1 in 3 adolescent students in Canada have reported being bullied recently2
  • Among adult Canadians, 38% of males and 30% of females reported having experienced occasional or frequent bullying during their school years3
  • 47% of Canadian parents report having a child victim of bullying4
  • Any participation in bullying increases risk of suicidal ideas in youth5
  • The rate of discrimination experienced among students who identify as Lesbian, Gay, Bisexual, Trans-identified, Two-Spirited, Queer or Questioning (LGBTQ) is three times higher than heterosexual youth4
  • Girls are more likely to be bullied on the Internet than boys6
  • 7% of adult Internet users in Canada, age 18 years and older, self-reported having been a victim of cyber-bullying at some point in their life7
  • The most common form of cyber-bullying involved receiving threatening or aggressive e-mails or instant messages, reported by 73% of victims6
  • 40% of Canadian workers experience bullying on a weekly basis7

  1. Canadian Council on Learning – Bullying in Canada: How intimidation affects learning (PDF 164 KB)
  2. Molcho M., Craig W., Due P., Pickett W., Harel-fisch Y., Overpeck, M., and HBSC Bullying Writing Group. Cross-national time trends in bullying behaviour 1994-2006: findings from Europe and North America. International Journal of Public Health. 2009, 54 (S2): 225-234
  3. Kim Y.S., and leventhal B. Bullying and Suicide. A review. International Journal of Adolescent Medicine and Health. 2008, 20 (2): 133-154
  4. Bully Free Alberta – Homophobic Bullying
  5. Statistics Canada – Cyber-bullying and luring of children and youth
  6. Statistics Canada – Self-reported Internet victimization in Canada
  7. Lee R.T., and Brotheridge C.M. “When prey turns predatory: Workplace bullying as predictor of counteragression / bullying, coping, and well-being”. European Journal of Work and Organizational Psychology. 2006, 00 (0): 1-26

 

So, if by some mirace you have NOT been affected by bullying in your family, count your blessings, but also, realize that it IS a massive issue.

 

Let's make a difference, let's make a change  ... wear a Pink T-Shirt on Wednesday, February 27th!

 

There is more information here and here.

 

Till next time ...

 

 

PS  Take a picture of yourself in your Pink T-Shirt and share it with us on Facebook!  We'd love to see it!

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There are a lot of homes to choose from these days, and it's important to arm yourself with the best tools when house hunting.  What's the point in looking for a home, when you're not prepared! Wink


One of the most essential house hunting tools, which is often overlooked when buyers hit the pavement, is a camera.  Digital cameras today are so easy to use and have memory cards that make the number of pictures that can be stored virtually unlimited.  Taking pictures is an excellent way to supplement the information provided in MLS listings.


digital camera


Most digital cameras also switch between still photos and video, so make use of the video feature. 


Here are suggestions for what to photograph as you look at properties:

  • Property address.  If there is no address on the curb, mailbox or building, take a close-up photo of the address on the MLS listing and make that the first photo in the series you take on the property
  • Unique features that might influence your decision to make an offer
  • Specific model and condition – perhaps even serial number – of each appliance or other item that the MLS listing says comes with the property
  • Expensive faucets, chandeliers, and other installed fixtures that might be assumed to come with the property but should be noted in the purchase contract
  • Rooms or spaces that could be remodeling or redecorating projects
  • Items that you might request be repaired or replaced before close of escrow

Along with your camera, remember to pack a flash if the camera doesn’t have one, spare batteries, and spare memory cards.  If your camera has interchangeable lenses, bring a wide angle lens for interior photos.


Happy house hunting!

Note: If the property is occupied, ask for permission before taking photos.


When you are ready to start house hunting, be sure to give me a call!  I'd love to help you find the home of your drams!


Till then ...


signature line

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