When you decide to purchase a home in Ottawa, you will discover a new language used by real estate professionals. The following are some of the most common terms they use.

AMORTIZATION PERIOD: The Actual number of years it will take to pay back your mortgage loan.

APPRAISED VALUE: An estimate of the value of the property. Conducted for the purpose of mortgage lending by a certified appraiser. This appraisal is not to be confused with a building inspection.

ASSUMABILITY: Allows the buyer to take over the seller’s mortgage on the property.

CHATTELS: Removable personal items that are not normally included in the sale of the home, but may be added to the purchase price to a make the property more attractive (i.e. microwave ovens, laundry appliances.)

For a more comprehensive list of real estate terms and definitions, visit our Ottawa real estate website.
To talk with one of our sales professionals, call us today at 613-288-2455.