Real Estate Glossary

Real Estate Law Glossary

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There are currently 5 names in this directory beginning with the letter L.
Land Transfer Tax
Payment to the provincial government for transferring property from the seller to the buyer.

Lawyer for Purchaser
The purchaser's lawyer is responsible for assuring that their clients receive good title. The lawyer searches title to the property, obtains information from the municipality, reviews a survey of the property (if available), and advises the client as to the state of title before closing. The lawyer for the purchaser also acts for the mortgage lender (because of economics). The mortgage lender is also interested in the state of title because it is advancing monies on the security of the land. The purchaser's lawyer registers the deed and the mortgage.

Lawyer for Vendor
The vendor's lawyer will deal with any problems that the purchaser's lawyer finds on title that have to be dealt with before the transaction closes. The vendor's lawyer also delivers the keys and a deed on closing in return for money.

Any legal claim against a property, filed to ensure payment of a debt.

Line of Credit
A loan that is usually used for something other than the purchase of a home (e.g., home renovations). It may be secured (e.g., with a collateral mortgage) or unsecured. You can withdraw the full amount at one time or use smaller amounts up to the full amount of the loan. The lender charges interest on the total amount withdrawn and not yet repaid.