Definitions and Terms {{ currentPage ? currentPage.title : "" }}

Summary

Alphabetical list of terms and definitions for our team.

Terms

Admin - Shorthand for our Marketing Administrator.

Broker - May mean a Realtor who has a broker’s license, the manager of a real estate brokerage, or a mortgage or insurance broker.

Brookfield Relocation Services - This company has an agreement with Royal LePage and Various government and military bodies in Canada to organize staff house-hunting trips for their employees or listings for employees leaving Ottawa. We occasionally work with clients from brookfield.

Conditional Sale - A purchase or sale of a property that has unfulfilled conditions. One party (usually the buyer) may walk away if they are unable to satisfy their conditions.

Firm Sale - A purchase or sale with no remaining unfulfilled conditions. Barring some unusual incident, this file will close.

Faltour - The original company name of NexOne, our document storage and signatures app for the brokerage. Nick still tends to call it by the original from time to time.

FSBO - For Sale By Owner. This is a seller who is listing their home without a full-service Realtor, either on their own or with a FSBO company like Purplebricks or ComFree.

HHT - Abbreviation for House-Hunting Trip

Lead - Shorthand for the lead Realtor, Nick Fundytus. In other contexts refers to a potential client who has not yet decided to work with us.

Matrix - The Realtor side of the MLS database, where Realtors can broker-load new listings for the public. Matrix has an advantage over other access points to the MLS in that it operates in real-time and may show new listings ahead of Realtor.ca or MLS.ca.

MLS - Multiple Listing Service. This is the database that nearly all listings are loaded into, to make them easily searchable and more visible to potential clients. When referring to “the MLS,” this may mean Matrix, Realtor.ca or MLS.ca depending on the context.

Notice of Fulfillment - Notice of Fulfillment of Conditions Form, used by Buyers or Sellers to tell the other side that they are fulfilling one or more conditions in the Agreement of Purchase and Sale and “firming up” that condition.

Preview - A showing where the agent views the property without his client and sends back notes. This is often done as a scouting trip for a buyer that has limited availability or has not-yet arrived in Ottawa.

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