Canadian Mortgage Rate
Canadian Mortgage Rate
Canadian Mortgage Rate

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Real Estate Terms of the Day for Canadian Mortgage Rate



CAPITALIZATION
A mathematical process for converting net income into an indication of value, commonly used in the income approach to appraisal.

BUNDLE OF RIGHTS
An ownership concept describing all those legal rights which attach to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc.

MORTGAGEE
The lender in a mortgage loan transaction.

DOMICILE
The state where an individual has his true, fixed, permanent home and principal business establishment and to which place he has the intention of returning whenever he is absent.

PREPAID INTEREST
Interest that is paid in advance of when it is due. Typically charged to a borrower at closing to cover interest on the loan between the closing date and the first payment date.

TITLE
Document which gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property.

ASSUMPTION OF MORTGAGE
The act of acquiring title to property which has an existing mortgage on it and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.

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