GLOSSARY - QUEBEC REAL ESTATE
LEXICON

Description of rooms in a dwelling. The living room represents “1”, the kitchen represents “1” and the bathroom represents “½”. Thus, the base is 2 ½ and any additional numbers represent the number of bedrooms.
3 ½ = 1 bedroom, 4 ½ = 2 bedrooms and so on.

A dwelling unit located in a building owned by a landlord who owns the entire property and makes its units available for rent.

Once a buyer has obtained an acceptance on a promise to purchase, and the bank has validated the market value of that property, it issues a final approval confirming its loan agreement.

A banking institution produces a pre-approval certificate attesting that it agrees to finance a purchase for a certain amount after studying the financial file of a potential buyer. This pre-approval is essential before starting the search for a property in order to know the budget available for the purchase.

A single-storey family dwelling above ground level, which may include a finished basement. Bungalow = Single-storey home.

The capital gain generally represents the difference between the purchase price and the sale price, while taking into account certain expenses incurred while holding the property. Capital gain = capital gain.

Database of all properties offered for sale and rent through real estate agencies in the entire province of Quebec.  Accessible to the general public and includes all agency inventory, including all banners and independent agencies.

A member of the Ordre des évaluateurs agréés du Québec, the appraiser is responsible for establishing a fair and objective value for a property at a specific date.

Brokers in Quebec have an obligation to work together, regardless of the real estate agency with which they are affiliated. They must share their inventory and have the duty to verify and disclose all information relevant to the transaction.

Real estate broker who represents the potential buyer or tenant looking for a property. Its mandate is to defend and promote the interests of the buyer or tenant in order to obtain the property under the best possible conditions.

A unit in a co-ownership complex (condominium complex) that is usually owned by an individual.

A family dwelling on two or more floors. Also referred to as a multi-story house.

Canada Revenue Agency.

A credit report or history is a summary of a borrower’s credit history from several sources, including banks, credit card companies, collection agencies and the government.

The down payment is the portion of the purchase price of the property that comes from your savings. The financing covers the difference.

A residential building with 2 separate units (duplex) or 3 units (triplex) etc. The units can be side by side or one on top of the other.
A duplex does not refer to the fact that an apartment is on two floors.

There are two main companies that compile the credit history of consumers in Canada: Equifax and TransUnion. It is possible to consult one’s credit file to see one’s “score” and make changes if there are any errors.

The Communauté métropolitaine de Montréal (CMM), commonly referred to as Greater Montreal (“Grand Montréal”), includes 82 municipalities, including the cities of Laval and Longueuil, as well as all the cities on the South Shore and the North Shore of Montreal.

The first floor is considered to be the first floor in Quebec. Thus, what is considered as the 1st floor in France, is in fact the 2nd floor in Quebec.

Hydro-Quebec, often referred to as HQ. A government corporation responsible for the production and distribution of electricity.

Professional mandated by the potential buyer to make a technical evaluation of the property’s condition. It is strongly recommended to deal with a certified inspector recognized by the Quebec Association of Building Inspectors (AIBQ).

Information base under the governance of the Ministry of Energy and Natural Resources, this one informs on the state of the rights in relation with the buildings.

An information sheet on a property offered for sale or rent by a real estate agency and accessible on the centris.ca website.

Real estate broker with a mandate to sell or rent a property entrusted to him by the owner. His mandate is to defend and promote the interests of the owner and to obtain the best possible conditions for the sale or rental of the property for his owner client.

Financing granted by a lender (bank) to acquire a property. Mortgage = real estate credit.

Property tax that is collected by the municipality each year from the owners or usufructuaries of a property.

Trained as a lawyer, the notary is responsible for verifying property titles, ensuring that they are free of all debts, and preparing mortgage and sales deeds.

Organisme d’autoréglementation du courtage immobilier du Québec.

The promise to purchase is the form used to confirm the intention to purchase a property under certain conditions and deadlines. It is the first step in the acquisition of a property.

Régie d’assurance maladie du Québec.

Revenu Québec.

Société des alcools du Québec.

Société de l’assurance automobile du Québec.

A small one-storey dwelling with a flat roof located between two multi-storey buildings.

Property tax that is collected by the school board each year from the owners or usufructuaries of a property within its territory, regardless of whether the owner has children attending the school system.

The amount of money given to the owner of a property by the tenant at the conclusion of a residential rental agreement. Security deposit = deposit (security deposit for the lease).

Administrative Housing Tribunal, formerly known as the Régie du logement

Officially called the transfer tax, it is collected by the municipality from the new owner when title to a property is transferred.