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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...
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An insured mortgage protects only the mortgage lender in case you do not make your mortgage payments. This coverage is provided by CMHC [Canada Mortgage and Housing Corporation] and is required if a person has a high-ratio mortgage. [A mortgage is high-ratio if the amount borrowed is more than 75% of the purchase price or appraised value, whichever is less.]
This is a will which specifically expresses the testator's desire not to be kept alive on life support machines, should the occasion arise.
This is a provision in some term insurance policies that allow the insured the right to renew the policy at a more favourable rate by providing updated evidence of insurability.
Life insurance or annuity product in which the cash value and benefit level fluctuate according to the performance of an equity portfolio.
A condition that must be satisfied before a contract is binding. Inspection and obtaining financing are the two most common.
Like any other warranty, this guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances.
The replacement of excavated earth into a trench around or against a basement or crawlspace foundation wall.
A crossbeam above a window or door.
Slightly wedge-shaped boards used as horizontal siding in a lapped pattern over the exterior sheathing. Varies in butt thickness from ½ to ¾ inch and in widths up to 12".
A man-made or machine-made clay tile used to finish a floor or wall. Generally 6" X 6" X 1/4" thick.
A vertical window beside a door or another window.
Strip of wood laid over concrete floor to which the finished wood floor is nailed or glued.
A prefabricated framework of girders, struts and other items used to support a roof or other load-bearing elements.
A platform with a rail around it, built onto the roof of a house. The platform is accessible by stairs or a ladder from the interior of the house. See Plan #10433 for an example.