Before a mortgage can be advanced, the purchaser must have arranged fire insurance. A certificate or binder from the insurance company may be required on closing.

An offer to buy the property as outlined in the offer to purchase with no conditions attached.

The mortgage agreement which has first claim on the property in the event of default.

An individual purchasing their first home, likely with the support of a mortgage.

A mortgage for which the rate of interest is fixed for a specific period of time (the term).

Rate of interest which fluctuates according to prime lending rates, eg. 2% above prime rate usually chargeable on short term loans such as construction loans.

Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas.

A sum of money deposited in trust by the purchaser when making an offer to be held in trust by the vendor's agent, broker, lawyer or notary until the closing of the transaction.

The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

A right of way giving persons other than the owner access to or over a property.