Courtesy of Aaron Farrell
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A BRIEF LOOK AT TERMINOLOGY USED IN REAL ESTATE When you’re a home buyer, especially for the first time the process can seem complex and more than a little confusing. One aspect of that confusion stems from the various terms and words used routinely by real estate professionals. Here are some definitions of the more regularly used real estate terminology. • Down Payment: This is the amount the buyer must put down towards the purchase price of a new home. The remaining balance of the price is what the buyer must borrow, typically in the form of a mortgage. The down payment is normally paid to the lawyer the week before the closing of the sale. • Property Disclosure Statement: Sellers of the property are required to fill this legal document out to answer all questions related to the condition of the home, to the best of their knowledge, prior to sale. From the buyer’s perspective it’s important to have this information but in many cases the sellers may not have all the answers they may require. It’s therefore up to the buyer to do their own due diligence prior to the closing. One way of doing this would be to organize a home inspection before the sale completes. • Title Search: A Title Search is a document that states who legally owns the home and if there are any other legal notations or impediments assigned to the property. This could include things like access right of ways, local building restrictions, any pending litigation and others. If uncertain how to proceed buyers are always encouraged to seek out professional legal advice before committing to a sale. By understanding the common terminology it’s hoped the process of buying a home will become simpler and ideally a much more positive experience.
PARTICLEBOARD A BUILDING MATERIAL MADE FROM SCRAP Widely used in the Canadian construction industry, particleboard is created by collecting sawdust, wood chips, fibers or even small scraps of wood together, then placing the mixture under intense pressure and infusing it with resin. The resulting product is a hard, flat building material that can be used for a variety of residential and commercial construction uses. Particleboard is literally used from the ground floor to the roof. The product has become increasingly popular with builders due to the variety of applications it can be used for, as well as its relatively low cost. Particleboard is also considered an eco-friendly material as it uses wood wastes that would otherwise be burned or disposed of. Particleboard is often used as a substitute for plywood or medium density fiberboard as a means of lowering construction costs. Cabinetry, flooring, underlay and partitioning or wall paneling are the most common uses.
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