Sellers Glossary - Royal LePage® Binder

These are just some of the more common terms you’ll hear when selling your home.

Agreement of Purchase and Sale (APS): This is a crucial legal document that outlines the terms and conditions agreed upon by the buyer and seller for the sale of a property.
Closing Date: This is the pivotal date on which the actual transfer of ownership occurs, and the seller receives the payment.
Conditional Offer: This is an offer to buy a property that includes specific conditions, such as financing or home inspection, that must be met for the sale to proceed.
Deposit: A payment made by the buyer when an offer is accepted, demonstrating their serious intent to purchase the property. This is typically held in trust until closing.
Listing Agreement: A contract between a seller and a real estate agent outlining the terms of the agent’s representation in selling the property.
Market Value: The estimated price at which a property would sell on the open market, determined by various factors including location, condition, and recent comparable sales. Stay current on market trends with Royal LePage® Binder’s monthly market reports.
Multiple Listing Service (MLS): A database that real estate professionals use to share information about properties for sale, which helps to market the property to potential buyers. It’s also the supporting program for the popular Realtor.ca website.
Open House: A public event where potential buyers can tour a home for sale, usually held on weekends.
Possession Date: The date when the buyer takes ownership of the property and can move in.
Title Search: This process verifies that the seller has the legal right to sell the property and uncovers any claims or liens against it. It is conducted by legal representatives and is a significant component of the due diligence process.
Home Inspection: A qualified inspector examines the property’s condition, usually arranged by the buyer. Sellers may have their own inspection done before listing.
Disclosure Statement: A document that sellers are required to provide to buyers, detailing any known issues with the property (e.g., structural problems, pest issues).
Chattels: Items such as appliances or furniture are not permanently affixed to the property but are included in the sale.
Fixtures: Items permanently attached to the property, such as light fixtures or built-in shelves, are usually included in the sale unless otherwise agreed.
Fair Market Value: The price a property would sell for in an open market under normal conditions.
Buyer’s Agent: A real estate professional representing the buyer’s interests during the purchase process.
Commission: The fee paid to a real estate agent upon the successful sale of a property, typically a percentage of the sale price.
Offer: A formal written proposal from a buyer to purchase a property, stating the price and terms.
Withdrawal: The process where a seller removes their property from the market, either temporarily or permanently.