Information about home, mortgage, insurance, homebuyer, real estate, property, buy home, home insurance, financing, home financing, home buyer, first time homebuyer, homes, homebuying, credit, condo.
Main Page: condo, home insurance, credit, first time homebuyer, insurance, homebuying, homes, home financing, buy home,
Also see related: financial advisor, credit, inventory, stock trading, inventory control, tax advisor, business, money,
Home Terms Main Page
This site contains comprehensive definitions for a wide range of terms that cover topics such as home, mortgage, insurance, homebuyer, real estate, property, buy home, home insurance, financing, home financing, home buyer, first time homebuyer, homes, homebuying, credit, condo...
Our proprietary algorithm provides many related definitions for each term, helping you better understand the subject.
Monthly Home Term Picks:
Commonly referred to as an RPP this is a tax sheltered employee group plan approved by Federal and Provincial governments allowing employees to have deductions made directly from their wages by their employer with a resulting reduction of income taxes at source. These plans are easy to implement but difficult to dissolve should the group have a change of heart. Employer contributions are usually a percentage of the employee's salary, typically from 3% to 5%, with a maximum of the lessor of 20% or $3,500 per annum. The employee has the same right of contribution. Vesting is generally set at 2 years, which means that the employee has right of ownership of both his/her and his/her employers contributions to the plan after 2 years. It also means that all contributions are locked in after 2 years and cannot be cashed in for use by the employee in a low income year. Should the employee change jobs, these funds can only be transferred to the RPP of a new employer or the funds can be transferred to an individual RRSP (or any number of RRSPs) but in either scenario, the funds are locked in and cannot be accessed until at least age 60. The only choices available to access locked in RPP funds after age 60 are the conversion to a Life Income Fund or a Unisex Annuity.
Historically, damages paid out during settlement of personal physical injury cases were distributed in the form of a lump-sum cash payment to the plaintiff. This windfall was intended to provide for a lifetime of medical and income needs. The claimant or his/her family was then forced into the position of becoming the manager of a large sum of money.
Money, goods or services that someone is obligated to pay someone else in accordance with an expressed or implied agreement. Debt may or may not be secured.
Date on which the insurance company assumes responsibilities for the obligations outlined in a policy.
The interest of the owner in a property over and above all claims against the property. It is usually the difference between the market value of the property and any outstanding encumbrances.
Fixing of an interest rate or points at a certain level.
Annual cost of credit over the life of a loan, including interest, service charges, points, loan fees, mortgage insurance, and other items.
A system of bracing by the use of ties. Typically used between floor joists to prevent them from twisting.
Trenches of poured concrete around the perimeter of the house and below each pier or column that supports and distributes the weight of the house to the ground.
A point where a bearing or structural weight is concentrated and transferred to the foundation.
Metal channels used to further inhibit sound transmission through wall and ceiling framing. Create a break in the vibration path from drywall to the framing.
A "trap" is a triangular window whose top edge follows the pitch of the roof. It is a four sided window but the top edge of the window is angled.
Extremely thin sheets of wood. Also a thin slice of wood or brick or stone covering a framed wall.
The positioning of a house near or on top of the lot boundary, resulting in little or no space between houses.