Glossary: Legal Terms & Definitions

Glossary Home | Legal Terms | Mortgage Terms | Real Estate Terms

Cash to Close: additional funds on top of your deposit required to cover the balance of the down payment, Property Transfer Tax, and HST, as applicable.

Closing Date: the date when title ownership of the property is transferred from the Seller to the Buyer.

Contract of Purchase and Sale: a legal agreement between Seller and Buyer for the sale of real estate.

Counter Offer: a statement by the recipient of an offer which has the legal effect of rejecting the offer and of proposing a new offer to the original offeror (who then becomes the recipient of the “new offer”).

GST/HST Rebate:Buyers of residential property may be eligible for a rebate for a portion of the GST/HST payable on the transaction. See our article on the GST/HST rebate.

Possession Date: the date which the Buyer is entitled to possession of the property.

Property Transfer Tax: is a one-time land registration tax payable by the Buyer of a residential property. See our article on Property Transfer Tax.

Seller: the person or entity selling their title and interest in a property.

State of Title Certificate: a copy of the title issued by the Land Title and Survey Authority of British Columbia which lists the ownership of the property and any charges against it (i.e. liens, mortgages, rights of way, etc).

Subject Removal: once a buyer of real estate is satisfied with the results of their inspection, documents and/or other such purchase conditions, they must remove such conditions by signing an Amendment to the Contract of Purchase and Sale, otherwise known as the Condition or Subject Removal Form.

Transfer of Title: is the process of executing and registering documents in the sale of land to prove the change in ownership.