Real Estate Glossary I

Indemnify:
To secure against hurt, loss or damage; to make compensation to for incurred hurt, loss or damage.

Implied Contract:
A contract that is created based on the conduct, words and actions of the parties involved, not arising from explicit agreements.

Income Approach:
An appraisal method for income producing properties that converts the anticipated income to be derived from the ownership of property into an estimate of value.

Injunction:
A judicial process or order requiring the person to whom it is directed to do, or refrain from doing, a particular thing. A party that fails to comply with an injunction may face criminal or civil penalties and may have to pay damages or accept sanctions.

Injurious Affection:
A term usually related to the effects of expropriation, including related works concerning the expropriated land, or on the residual land remaining. Typically, injurious affection may be claimed where the value of a real property has decreased because of the construction of a public project, even if none of the owner’s property has been expropriated for the project. Injurious affection may be claimed when a portion of the owner’s property has been expropriated and the project has negative effects on the value of the remaining property. It excludes any sentimental value.

Inspection:
The examination of the house by an expert selected by the buyer.

Insurance:
The purchaser must have fire insurance arranged and in effect before the transaction can be closed. A certificate from the insurance company may be required at the closing.

Interest Rate:
The percentage which is charged for the use of borrowed money. The return the lender receives for putting up the money for the mortgage.

Irrevocable:
Incapable of being recalled or revoked; unchangeable, unalterable.

Learn About Neighborhood

Location is the most critical factor affecting a home's value, so when buying a house it makes sense to buy in the best neighborhood you can afford. The most desirable neighborhoods tend to hold their value over time and that will play an important role in the resale value of the property and in your family's life.
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Tips for Planning a Successful Move

There's little doubt that Canadians are on the move. Whether moving from an apartment to a house, apartment to apartment or home to home, moving is no simple matter. With careful planning, however, your transition can be facilitated in an organized and efficient manner, allowing you the peace of mind you need to settle into your home.
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Neighborhood TIPS

Location matters, so before you buy any real estate property, ensure that it's in a good location.

The best neighborhoods have well maintained homes, close proximity to a thriving economic center, nearby shopping, good schools, convenient commute options, good recreational facilities and low crime rate.

Location is the most critical factor affecting a home's value.

When buying a house it makes sense to buy in the best neighborhood you can afford.

Before buying house, find out more about the immediate homes around the property you want to buy.

Your future home is part of a larger community, so make sure you know about local problems, noise, traffic, future construction and developments in the area, zoning restrictions, rezoning, contamination, etc.

A good first step when starting your research and investigation about neighborhood is to spend some time in each area you consider (both during the week and on weekends).

Buyers with limited financial resources should look for neighborhoods that are likely to be in high demand or on a verge of popularity boom in coming years.