Sometimes it feels like REALTORS® speak a language that sounds like English… but isn’t quite there. So here are some of the terms you might hear us talk about. This list isn’t comprehensive, and if you’re working with a REALTOR® and they say something you don’t understand… it’s totally okay to ask.
MLS – Multiple Listing Service
The database REALTORS® use to search for new properties, check market trends, and review past sales. When you go to realtor.ca, you're seeing a public-facing version of the MLS.
On Market
A property that is currently listed for sale. It’s live, active, and available for buyers to view and potentially make an offer on.
CMA (Comparative Market Analysis)
A tool we use to estimate a home’s value by comparing it to similar properties that have recently sold nearby.
Appraisal
An independent third-party opinion on a property’s value (usually required by a lender). It confirms the price is in line with market value before a mortgage is finalized.
Pre-Approval
A lender has reviewed your finances and given you a ballpark of what you can borrow. This strengthens your offer and signals to sellers that you’re serious.
Conditional Offer
An offer that depends on specific conditions being met—like securing financing, passing a home inspection, or reviewing condo documents.
Firm Offer
An offer with no conditions. Once it’s accepted, it’s legally binding and locked in.
Clean Offer
Realtor-speak for an offer that’s simple, with few or no conditions. It’s usually more appealing to sellers.
Closing Costs
The extra expenses you pay at the end of a transaction—things like legal fees, title insurance, land transfer tax, and adjustments (these are prorated costs like prepaid property taxes or utility bills the buyer reimburses the seller for).
Deposit vs. Down Payment
Deposit – The money you submit with your offer to show good faith. This amount goes toward your down payment.
Down Payment – The portion of the purchase price you’re putting down (usually 5% or more), paid on closing day.
Possession Date
The day you officially get the keys and the home becomes yours. Time to celebrate—and probably text a few friends for moving help.
Title
The legal ownership of a property. A lawyer will run a title search to ensure there are no claims or issues before it transfers to you.
Lien
A legal claim against a property, often due to unpaid debts like taxes or renovations. It must be resolved before the property can be sold.
Limited Joint Representation
When the same REALTOR® or brokerage represents both the buyer and seller. There are clear rules to ensure fair treatment for everyone involved.
As-Is Condition
The seller isn’t making any repairs or upgrades. What you see is what you get—often used in estate sales or fixer-uppers.
Amortization Period
The total time it will take to pay off your mortgage in full, typically 25 or 30 years.
Offers Date
A set day when the seller reviews all submitted offers. Common in hot markets to encourage competition.
As Received
Offers are reviewed as they come in. No offer date, no waiting—first strong offer might seal the deal.
Condition Waiver
If your offer has conditions (like financing or a home inspection) and they’re satisfied, you sign a waiver to make the offer firm.
Subject to Sale
A buyer’s offer is dependent on selling their own property first. It adds a layer of uncertainty for the seller but can be necessary for some buyers.
Freehold vs. Condo
Freehold – You own the home and the land it’s on.
Condo – You own the unit itself, but shared areas (like hallways, parking, etc.) are jointly owned with other unit owners.
Wrap-up
There you go—some of the jargon we use… now you can go and talk the talk! 🏡
Real estate doesn’t have to feel like a secret club with its own confusing lingo. The more you understand, the more confident you’ll feel when buying or selling a home. And remember—there are no silly questions in real estate. If something doesn’t make sense, just ask!
Thinking about making a move? Curious what your home might be worth?
Let’s chat! I’d love to help you feel informed, empowered, and excited about your next step.
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