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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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The creditor proof status of such things as life insurance, non-registered life insurance investments, life insurance RRSPs and life insurance RRIFs make these attractive products for high net worth individuals, professionals and business owners who may have creditor concerns. Under most circumstances the creditor proof rules of the different provincial insurance acts take priority over the federal bankruptcy rules.
A type of insurance policy or annuity in which the owner receives dividends, typically increases the death.
Removing liability or responsibility regarding a tangible event.
Mortgage insurance insures the lender against loss in case of default by the borrower. Mortgage insurance is provided to the lender by CMHC or GEMICO and the premium is paid by the borrower.
This allows you to move to another property without having to lose your existing interest rate. You can keep your existing mortgage balance, term and interest rate plus save money by avoiding early discharge penalties.
Allows a buyer to assume responsibility for an existing loan instead of getting a new loan. The assumption may have to be approved by the lender.
Device to help achieve a ventilation space between insulation and roof sheathing. It helps assure air flow from the eave vents in attics and cathedral ceilings.
A comprehensive set of laws that controls the construction or remodeling of a home or other structure.
Vent opening located in the soffit under the eaves of a house to allow the passage of air through the attic and out the roof vents.
The building component used to connect portions of a roof, deck, or siding material to another surface such as a chimney, wall, or vent pipe. Often made out of various metals, rubber or tar and is mostly intended to prevent water entry.
Ground level, or the elevation at any given point. Also the work of leveling dirt. Also the designated quality of a manufactured piece of wood.
The most common wall finish prior to the introduction of drywall. Thin wood strips (lath) were nailed onto the framing as a base for the sand/lime plaster (see diagram).
Strip of wood laid over concrete floor to which the finished wood floor is nailed or glued.
A protruding edge on faced insulation used to staple the insulation to the framing.