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BestHomesBC showcases desirable condos, townhomes, houses and award-winning developments for sale across British Columbia. From city condos in Vancouver to Whistler chalets to vineyard estates in the Okanagan to historic Victoria homes to waterfront Bowen Island properties, the selection is as diverse as the province itself.

Definitions of Real Estate Terms

Agreement of Sale
Also known as Purchase Agreement, Agreement of Purchase and Sale, Land Agreement etc. A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.

The person to whom an interest or right in real property is transferred.

The transfer of any right, claim or interest to another person or corporation.

The person transferring an interest or right in real property.

The culmination of any transaction in which the interested parties (or their representatives) meet to exchange documents, funds, and property and, if necessary, to register the transfer of title.

Completion Date
The date set in the Agreement of Purchase and Sale upon which the transaction is to be completed, the purchase price paid and the transfer of title registered.

A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership.

The money paid up-front by a purchaser as security for completing the transaction.

Exclusive Listing
A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.

The agreement that allows a real estate professional to market a property or the actual notice of the property's availability and features.

Maintenance Fee
Charge to a unit holder in a condominium or co-operative complex for that person's share of costs for keeping the common areas of the complex in a good state of repair.

Non-Exclusive Listing
A real estate listing to which no one agent or broker has claim.

Original Purchaser
The person who buys the property.

Marketing of properties under construction.

Personal Property
Items owned by someone which are not land.

Real Estate
Term for land and all fixtures to land, including buildings and other improvements.

Real Estate Agent
A person licensed to negotiate and transact the sale of real estate.

Real Property
Also known as "real estate". Term for land and all fixtures to land, including buildings and other improvements.

A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors and the Canadian Real Estate Association.

Residential Property
Real estate that is occupied by the owner.

Studio Apartment
A small rental dwelling unit which combines living and bedroom spaces into one room (and, sometimes, kitchen space as well).

A legal document evidencing a person's right to or ownership of a property.

Transfer of Ownership
Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser.

A single dwelling within a larger complex: especially in condominium projects where the unit is the portion of the complex, which is for the exclusive use of the owner of the unit.

Services, such as gas, electricity, water, sewers, which are required in any dwelling and for which the owner must pay separately.

The seller; the person selling.