If your down payment is less than 25% , you must have mortgage insurance. It insures the lender against the possibility of you defaulting on your mortgage. Canada Mortgage and Housing Corporation is …
Commitment Letter
A letter outlining the amount, terms and conditions under which a lender is willing to offer a mortgage. …
Common Areas
Lands or improvements on land that are designated for common use and enjoyment by all occupants, tenants or owners. The lobby, a pool, tennis court or common hallways would all be Common Areas in a …
Common Tenancy
The ownership of property by two or more persons, where on the death of one, his share does not automatically go to the other(s) but is credited to his estate. …
Contract of Purchase and Sale
A written statement by which a buyer agrees to purchase, and a seller agrees to sell a particular piece of property according to the terms set forth in that agreement. …
Conventional Mortgage
A first mortgage granted by an institutional lender such as a bank or trust company, where the amount of the loan does not exceed 75% of the lending value of the property. …