Real Estate Glossary: A

Act of sale
A contract, usually drawn up by a notary, usedto officialize the sale of an immovable to a buyer.

Period required to pay back a mortgage loan in full through regular payments. The amortization is usually based on fixed terms of 10, 15, 20 or 25 years.

A process for estimating the market value of a particular property.

The increase in value of something because it is worth more now than when you bought it.

Approved Lender
A lending institution authorized by the Government of Canada through CMHC to make loans under the terms of the National Housing Act. Only Approved Lenders can negotiate mortgages that require mortgage loan insurance.

Assumption Agreement
A legal document signed by a homebuyer that requires the buyer to assume responsibility for the obligations of a mortgage by the builder or the previous owner.

Association des courtiers et agents immobiliers du Québec
Organization created under the Real Estate Brokerage Act whose main mission is to protect the public by overseeing the activities of all real estate brokerage professionals practicing in Québec.

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