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

Summary

Alphabetical list of terms and definitions for our team. A more client-focused glossary can also be found on our site at https://www.nickfundytus.ca/glossary/

Terms

Activities - If we’re talking about prospecting activities, this means any activities that are focused on generating new leads or strengthening relationships with potential lead sources. This is not preparing a flyer or booking showings.

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.

Client - A person who has a signed Buyer Representation Agreement or Listing Agreement with our team. Until that time, they are a Lead.

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.

Easement / Ease - An easement is the right over another person's land for a specific purpose, but what are those purposes? One example is a carriageway. This easement is an old term for what is essentially a shared driveway. Most commonly these easements prevent the lot without road access from being landlocked. An easement recognizes that one piece of land can’t be fully enjoyed without access to another piece of property. A common example would be a driveway, access road or pathway that encroaches onto an adjoining piece of land.

It can also cover intangibles like the right to make noise or the right to light, which would prevent a neighbor from building fences or walls that block natural light from your windows.

As well as bestowing rights to others, an easement might restrict your use of your own land. One example would be gas or power lines running under your yard. Your municipality or the utility company likely has an easement that grants them access and limits yours.

Equity - The amount of value that an owner "owns" in a property. This is calculated as Asset Value - Debt = Equity. In other words, if a Seller is selling a home, this is the amount of money she would have after selling the home for market value and paying off the mortgage and any other debts against the house or in the cost of sale.

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 and has not yet signed a Buyer Representation Agreement or Listing Agreement.

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.

Prospecting - Focused lead-generating activities.

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