Edwin Lam 林玉德 


Your Friend



Real Estate Associate Broker 地產代理  

Buying and Selling Real Estate in Metro Vancouver, BC, Canada,

please let me help you, make your dream come true.

      加拿大卑詩省, 哥華大都會 , 物業買賣 ,  交托我手 , 實現你的夢!  


Buyer’s Guide

(20) Glossary

Adjustment Date:

 The day from which all calculations of interest, tax adjustment, utility bill adjustment (if applicable) are made to the credit of either the buyer or the seller. This is usually (but not always) the same as the possession date.


Appraised Value:

An estimate of a property's market value, used by lenders in determining the amount of the mortgage.



The increase in a property's value over time.


Assessed Value:

The value of a property, set by the B.C. Assessment Authority, and used by the local municipality for the purposes of calculating property tax.


Blended Mortgage Payments:

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



The real estate transaction's completion, when the parties involved agree that all legal and financial obligations have been met and the deed to the property is transferred from the seller to the buyer.


Closing Cost:

Expense in addition to the purchase price for buying and selling a property.


Condominium Common Property, or Common Elements:

The portions of a condominium development owned in common (shared) by the unit owners, e.g.: pool exercise room, lobby, etc. A strata fee is charged to every unit owner for the use of the common 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.



The term used to describe the process of transferring the seller's title to the buyer and indicates all the necessary steps to complete the transfer. A conveyancing lawyer is a lawyer ( or notary responsible for the conveyance process (this is normally the buyer's lawyer).


Debt Service Ratio:

The Percentage of a borrower's income that can be used for housing costs.



A legal  document that conveys (transfers) ownership of a property to a buyer.


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).


High-ratio mortgage:

A mortgage that exceeds 75% of the loan-to-value ratio; must be insured by either the Canada Mortgage and Housing corporation (CMHC) or a private insurer to protect the lender against default by the borrower who has less equity invested in the property.


Mortgage Insurance:

Government-backed or private-backed insurance protecting the lender against the borrower's default on high-ratio (and other type of) mortgage.



are licensed real estate professionals who are also members of a local real estate board. A REALTORS acts as an agent for the buyer or the seller - or, in less frequent situations, for both. But no matter whom they represent, REALTORS® are legally obligated to protect and promote the interests of their clients. ALL REALTORS®  must adhere to a strict Code of Ethics,  statute law (Real Estate Act of B.C.) and high standard of practice.


Rights of Way:

Are indicated on title at the Land Title Officer; often for use of utilities or city or municipality in order to make repairs to pipes, etc; no permanent structure may be built on a right of way.


Statements of Adjustment:

Closing statements in a real estate transaction which set out the sources of funds which make up the purchase price, adjustment to and from the purchase price, the final amount required from the purchaser and the amount due to the seller.



The legal evidence of ownership in a property.


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.


Variable rate mortgage:

A mortgage for which payments are fixed, but whose interest rate changes in relationship to fluctuating market interest rates. If mortgage rates go down, a larger portion of the payment is applied to the principal.


Vendor Take-Back Mortgage:

When sellers use their equity in a property to provide some or all of the mortgage financing in order to sell the property.