A
Agreement of Purchase and Sale (APS)
Definition: A legally binding contract that sets out the terms under which a buyer agrees to purchase a property and a seller agrees to sell. In most residential transactions in Ontario, a standard OREA form is used, with schedules and clauses added or removed to fit the situation.
Example in Greater Sudbury: A seller in New Sudbury accepts an offer on their home. Once both sides sign the APS, everyone works from that document for conditions, closing date, included items, and adjustments.
Related terms: Amendment Addendum / Schedule Conditional Offer Firm Offer
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Addendum / Schedule
Definition: Additional pages attached to the APS (or listing agreement) that add, clarify, or change terms beyond the standard form. This is where you’ll often see details about inclusions/exclusions, special conditions, or unique property situations.
Example in Greater Sudbury: A seller in Valley East includes a schedule outlining exactly which appliances are included, plus a clause about a rented hot water tank so there’s no confusion later.
Related terms: Fixture vs. Chattel Amendment Disclosure
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Amendment
Definition: A document used after an Agreement of Purchase and Sale has been accepted to change specific terms — for example, the closing date, the purchase price, or included items. All parties must agree and sign.
Example in Greater Sudbury: A South End seller agrees to push the closing back two weeks to help the buyer line up movers. Their REALTORS® prepare an amendment to update the closing date in the APS.
Related terms: Agreement of Purchase and Sale Closing Date
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Asking Price (List Price)
Definition: The price at which a property is listed for sale on MLS® and marketing. It is set by the seller, in consultation with their REALTOR®, and may be positioned below, at, or above the expected market value depending on strategy.
Example in Greater Sudbury: A Valley East bungalow is expected to sell around $550,000. The sellers decide, with their agent, to set an asking price of $499,900 to encourage strong activity and potential multiple offers.
Related terms: Market Value Pricing Strategy Multiple Offers / Bidding War
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As-Is
Definition: A way of marketing a property that signals the seller does not intend to make repairs or improvements. The seller still must disclose known material defects and cannot mislead buyers about important facts.
Example in Greater Sudbury: An estate sale in Copper Cliff is listed “as-is, where-is” because the family has limited knowledge of the home and does not plan to do repairs. Buyers can still inspect the home and make conditional offers.
Related terms: Home Inspection Latent Defect Material Fact
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Adjustments / Statement of Adjustments
Definition: Adjustments are calculations made by the lawyers on closing to fairly split certain costs between buyer and seller, such as property taxes, condo fees, or fuel oil. The Statement of Adjustments shows how you arrive at the final amount the buyer must bring on closing.
Example in Greater Sudbury: A Minnow Lake seller has already paid property taxes to the end of the year. On closing, the buyer reimburses the seller for the portion of taxes covering the time after closing.
Related terms: Closing Costs Closing Date Net Proceeds
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B
Bridge Financing
Definition: Short-term financing that lets a seller buy their next home before receiving the sale proceeds from their current home. The lender typically requires a firm sale on the existing property before advancing bridge funds.
Example in Greater Sudbury: A family selling in Garson needs to close on their South End purchase two weeks earlier. Their lender sets up bridge financing so they can pay for the new home before their Garson sale closes.
Related terms: Closing Date Firm Offer
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Breach of Contract
Definition: When one party doesn’t do what the signed APS requires. For sellers, the big worry is usually a buyer not closing on time (or at all) after the deal is firm.
Example in Greater Sudbury: A buyer goes firm on a home in South End and then can’t secure funds by closing. That can trigger a breach, and the seller should get legal advice immediately.
Related terms: Default Mutual Release Deposit
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Bully Offer (Pre-Emptive Offer)
Definition: An offer submitted before a scheduled offer presentation date, often with strong terms, in the hope that the seller will accept early. Under TRESA, the seller can decide how much information about other offers may be shared with buyers, if any.
Example in Greater Sudbury: A New Sudbury home has an offer date next Tuesday. On Friday, a buyer submits a strong pre-emptive offer with a short irrevocable, forcing the sellers to decide whether to review early or stick to the original plan.
Related terms: Seller’s Direction re: Offers Multiple Offers / Bidding War Irrevocable Time
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Buyer’s Conditions
Definition: Conditions included in the offer to protect the buyer, such as financing, home inspection, or review of a status certificate (for condos). The seller can negotiate these terms but should not interfere with the buyer’s ability to satisfy them.
Example in Greater Sudbury: A buyer offering on a semi-detached in Chelmsford includes conditions for financing and home inspection. The seller accepts, understanding the deal is conditional until those conditions are fulfilled or waived.
Related terms: Conditional Offer Notice of Fulfillment Notice of Waiver
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C
Client vs. Self-Represented Party
Definition: When you sign a listing agreement with a brokerage, you’re a client and the brokerage owes you duties tied to representation. A self-represented party is someone who is not represented by a brokerage in that transaction. (In plain English: if someone “doesn’t have an agent,” they’re self-represented.)
Example in Greater Sudbury: A seller in Minnow Lake is a client of their listing brokerage. A buyer comes directly without representation and is treated as self-represented — meaning the listing brokerage cannot “advocate” for them the way it does for its client.
Related terms: Representation Agreement Multiple Representation RECO Information Guide
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Closing Costs (Seller)
Definition: The expenses a seller pays on closing, such as legal fees, adjustments (taxes, fuel, condo fees), potential mortgage penalties, and any agreed credits or repairs. Your lawyer can give you a detailed estimate for your situation.
Example in Greater Sudbury: A seller in Valley East reviews their lawyer’s estimate showing legal fees, a small prepayment penalty on their mortgage, and tax adjustments, so they know their approximate net proceeds before closing.
Related terms: Adjustments Closing Date Net Proceeds
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Closing Date
Definition: The date on which legal ownership transfers from the seller to the buyer, the balance of the purchase price is paid, and keys are released. Possession usually occurs on the same day, unless otherwise agreed.
Example in Greater Sudbury: A condo seller in Downtown Sudbury agrees to a July 30th closing, giving them time to move into a new place in Minnow Lake the same weekend.
Related terms: Agreement of Purchase and Sale Pre-Closing Walkthrough Vacant Possession
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Comparative Market Analysis (CMA)
Definition: A report prepared by a REALTOR® that looks at recent sales, active listings, and market trends for similar properties. It helps estimate a realistic range for what your home could sell for in the current market.
Example in Greater Sudbury: Before listing their South End family home, sellers review a CMA showing recent sales of similar four-bedroom homes near good schools, helping them choose a pricing strategy.
Related terms: Market Value Pricing Strategy
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Commission
Definition: The fee paid to the brokerage (or brokerages) involved in the sale, usually expressed as a percentage of the final sale price plus HST. The total commission and how it is shared between listing and cooperating brokerages is negotiated in the listing agreement.
Example in Greater Sudbury: A seller in Azilda agrees to a total commission of 5% plus HST in their listing agreement. The listing brokerage offers a portion of that to the cooperating brokerage that brings the buyer.
Related terms: Listing Agreement HST on Commission
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Conditional Offer
Definition: An offer that includes one or more conditions that must be fulfilled or waived, such as financing, home inspection, or sale of the buyer’s property. Until the conditions are dealt with, the agreement is not firm.
Example in Greater Sudbury: A buyer offers on a Minnow Lake home with conditions for financing and inspection. The seller accepts, understanding the offer becomes firm only if those conditions are fulfilled or waived by the deadlines.
Related terms: Notice of Fulfillment Notice of Waiver Firm Offer
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Counter Offer
Definition: A response to an offer where the seller changes one or more terms (such as price, closing, or inclusions) and signs back to the buyer. The original offer is rejected once a counter offer is made.
Example in Greater Sudbury: A buyer offers $580,000 on a Valley East home listed at $599,900. The seller signs back at $595,000 with the same closing date, creating a counter offer for the buyer to consider.
Related terms: Agreement of Purchase and Sale Irrevocable Time
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D
Days on Market (DOM)
Definition: The number of days a listing has been active before it sells, is suspended, expires, is terminated, or is withdrawn. DOM is one of many data points — it doesn’t automatically mean something is “wrong” with a home, but it does shape buyer perception.
Example in Greater Sudbury: A property in New Sudbury shows 38 DOM. Buyers start asking if the price is high or if the home has a condition issue, so the seller reviews pricing and presentation with their REALTOR®.
Related terms: Pricing Strategy MLS® Exposure Withdrawn / Cancelled Listing
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Default
Definition: Failing to meet a key obligation under the signed APS. In day-to-day real estate language, sellers often say “the buyer defaulted” if the buyer fails to close on the agreed date.
Example in Greater Sudbury: A deal on a home in Valley East is firm, but the buyer doesn’t have funds ready on closing day. That is treated as a default and the seller should follow their lawyer’s advice right away.
Related terms: Breach of Contract Deposit Mutual Release
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Deposit
Definition: Money paid by the buyer as a sign of good faith, usually within 24 hours of offer acceptance unless otherwise stated. The deposit is held in a trust account and forms part of the buyer’s down payment on closing.
Example in Greater Sudbury: A buyer in Onaping–Levack delivers a $20,000 deposit to the listing brokerage’s trust account after their offer is accepted on a country property.
Related terms: Trust Account Firm Offer Mutual Release
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Designated Representation
Definition: A TRESA structure where different individuals within the same brokerage may be designated to represent different clients in the same transaction. It’s designed to reduce conflicts, but the brokerage still has strict rules about confidentiality and fairness.
Example in Greater Sudbury: A buyer interested in a New Sudbury listing is already working with someone at the same brokerage. With proper paperwork and consent (where required), a different designated representative may handle each side with clear boundaries.
Related terms: Multiple Representation Representation Agreement TRESA
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Disclosure (Seller’s Disclosure)
Definition: A seller’s obligation to be honest about known material facts, including certain defects that may be dangerous or make the property unfit for ordinary use. The exact disclosure required depends on the facts and the law; your lawyer can advise.
Example in Greater Sudbury: A seller in Gatchell is aware of a past foundation repair. They discuss it with their REALTOR® and lawyer, and ensure buyers are informed through the listing remarks and supporting documents.
Related terms: Latent Defect Material Fact SPIS
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E
Easement
Definition: A legal right for someone else to use part of your property for a specific purpose, such as utilities or shared driveways. Easements are usually registered on title.
Example in Greater Sudbury: A West End property has an easement that allows the neighbour to access their backyard along a narrow laneway. The easement shows up in the title search when the home is sold.
Related terms: Title Search Title
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Exclusive Listing
Definition: A listing where the property is marketed by one brokerage without being placed on the local MLS® system. The terms are set out in an exclusive listing agreement.
Example in Greater Sudbury: A seller with a luxury property on Ramsey Lake chooses an exclusive listing for a short period before going to MLS®, so the home can be quietly marketed to a targeted group of buyers first.
Related terms: Listing Agreement MLS® Exposure
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F
Firm Offer / Unconditional Offer
Definition: An offer with no conditions, or an offer where all conditions have been properly waived or fulfilled. Once an offer is firm, both parties are generally obligated to complete the transaction, subject to the terms of the agreement and advice from their lawyers.
Example in Greater Sudbury: After the buyer’s financing and inspection conditions are fulfilled on a home in Hanmer, the offer becomes firm and everyone prepares for closing.
Related terms: Conditional Offer Notice of Fulfillment Unconditional Offer
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Fixture vs. Chattel
Definition: Fixtures are items attached to the property (for example, built-in shelving or a hard-wired light fixture) and are typically included in the sale unless specifically excluded. Chattels are movable items (for example, a fridge or patio furniture) and are typically excluded unless specifically included in the agreement.
Example in Greater Sudbury: A seller in New Sudbury wants to keep a favourite dining room light fixture. Their REALTOR® writes it as an exclusion in the listing and agreement so buyers understand it is not included.
Related terms: Addendum / Schedule Agreement of Purchase and Sale
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FINTRAC & ID Verification
Definition: Canadian law requires brokerages to verify the identity of clients and collect certain information for anti-money-laundering compliance. Sellers will be asked for identification and basic information as part of this process.
Example in Greater Sudbury: Before listing a property in Valley East, the listing brokerage meets with the seller, reviews ID, and completes required FINTRAC forms as part of the onboarding process.
Related terms: Representation Agreement RECO Information Guide
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H
Holdover Period
Definition: A period of time after a listing agreement expires during which the seller may still owe commission if the property sells to a buyer who was introduced to the property during the listing term. The length and details are set out in the listing agreement.
Example in Greater Sudbury: A home in Chelmsford does not sell during the initial listing period. Two weeks after it expires, a buyer who first saw it at an earlier open house submits a private offer. The holdover clause in the original listing agreement may still entitle the brokerage to commission. The seller’s lawyer explains how the clause applies.
Related terms: Listing Agreement Commission
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Home Inspection (Pre-Listing or Buyer’s)
Definition: A visual examination of a property’s major systems and components by a home inspector. Sellers sometimes complete a pre-listing inspection to understand potential issues and share the report with buyers.
Example in Greater Sudbury: Before listing their Valley East home, sellers order a pre-listing inspection to identify repairs and give buyers more confidence when reviewing the property on offer night.
Related terms: As-Is Conditional Offer Disclosure
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HST on Commission
Definition: In Ontario, HST is payable on real estate commission. When sellers review their closing statement, commission is usually shown plus HST, which affects their net proceeds.
Example in Greater Sudbury: A seller in Minnow Lake sees that the total commission on their statement of adjustments includes HST, helping them understand the difference between gross sale price and net in their pocket.
Related terms: Commission Net Proceeds
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I
Irrevocable Time
Definition: The deadline written into an offer or counter offer stating how long it is open for acceptance. After the irrevocable time passes, the offer expires unless the buyer re-submits or extends it.
Example in Greater Sudbury: A buyer offering on a South End home gives the sellers until 9:00 p.m. that evening to respond. If the sellers have not signed back or accepted by the irrevocable, the offer expires.
Related terms: Counter Offer Offer Date
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L
Latent Defect
Definition: A defect that is not discoverable by a reasonable inspection and that may be dangerous or make the property unfit for ordinary use. Certain latent defects must be disclosed; your lawyer can explain how the law applies to your situation.
Example in Greater Sudbury: A seller in Gatchell knows of a hidden structural issue behind a finished basement wall. They raise it with their REALTOR® and lawyer so buyers receive proper disclosure.
Related terms: Disclosure Material Fact
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Listing Agreement
Definition: A representation agreement between a seller and a brokerage setting out services, commission, list price, duration, holdover period, and how the property will be marketed. Under TRESA, it confirms the brokerage’s obligations when representing the seller as a client.
Example in Greater Sudbury: A New Sudbury seller reviews their listing agreement in detail with their REALTOR®, including services, commission, how showings will work, and how long the agreement lasts.
Related terms: Representation Agreement Holdover Period Commission
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Lockbox
Definition: A secure box, often attached near the front door, that stores the property’s keys for showings. Access is controlled by the listing brokerage to registered REALTORS®.
Example in Greater Sudbury: A seller in Valley East approves a lockbox so buyer agents can access keys for scheduled showings while the seller is at work.
Related terms: Showing Instructions
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M
Market Value
Definition: An estimate of the price a willing buyer and willing seller would likely agree to, under normal conditions, in the current market. It is informed by comparable sales, active listings, and local market trends.
Example in Greater Sudbury: Recent sales of similar homes in New Sudbury show a range between $575,000 and $610,000. That information helps set expectations for the likely market value of a new listing on a nearby street.
Related terms: Comparative Market Analysis (CMA) Pricing Strategy
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Material Fact
Definition: Information that could reasonably be expected to influence a person’s decision to buy or sell a property. Under TRESA, brokerages have duties related to disclosing material facts to their clients, and in some cases to other parties. Your lawyer can advise on how this applies.
Example in Greater Sudbury: A known issue with a septic system at a rural property outside Hanmer would likely be considered a material fact. Sellers should discuss such issues with their REALTOR® and lawyer.
Related terms: Disclosure Latent Defect Stigmatized Property
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MLS® Exposure
Definition: Marketing a property on the local Multiple Listing Service® system so it is visible to REALTORS® and their clients across the region. MLS® exposure often includes syndication to public websites such as REALTOR.ca.
Example in Greater Sudbury: A seller in Downtown Sudbury lists their condo on MLS® so it reaches buyers working with other brokerages and appears in automated searches, increasing the pool of potential buyers.
Related terms: Exclusive Listing Listing Agreement
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Multiple Offers / Bidding War
Definition: A situation where more than one buyer submits an offer on a property at the same time. Under TRESA, sellers can choose how much information about competing offers is shared with other buyers, within legal and regulatory limits.
Example in Greater Sudbury: A well-priced South End home receives five offers on offer night. The sellers review price, conditions, timing, and strength of each buyer with guidance from their REALTOR®.
Related terms: Seller’s Direction re: Offers Bully Offer Offer Date
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Multiple Representation (sometimes called “Dual Agency”)
Definition: When the same brokerage represents more than one party in the same transaction (for example, both buyer and seller). This requires proper paperwork and, where required, informed consent. The brokerage’s ability to “advocate” is limited by strict rules.
Example in Greater Sudbury: A buyer working with the same brokerage wants to purchase a listing in New Sudbury. The brokerage explains multiple representation and what it can and can’t do, and the parties proceed only if everything is handled properly.
Related terms: Designated Representation Representation Agreement RECO Information Guide
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Mutual Release
Definition: A document signed by buyer and seller (and typically the brokerages) that ends the agreement and gives clear instructions on what happens to the deposit. Without a release (or court direction), deposits are often held in trust.
Example in Greater Sudbury: A conditional deal on a condo in Downtown Sudbury fails because the status certificate review doesn’t meet the buyer’s comfort level. The parties sign a mutual release so the deposit can be returned properly.
Related terms: Deposit Trust Account Conditional Offer
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N
Net Proceeds
Definition: The approximate amount a seller expects to receive after paying off their mortgage(s), commission, closing costs, and any agreed credits or adjustments. Your lawyer and lender can provide more precise figures.
Example in Greater Sudbury: A Minnow Lake seller reviews a net sheet showing their expected sale price, less mortgage payout, commission plus HST, and estimated legal fees, so they know roughly what will be left to put toward their next purchase.
Related terms: Closing Costs Commission Adjustments
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Notice of Fulfillment (NOF)
Definition: A notice used to confirm that a condition in an agreement has been fulfilled. Once all conditions are properly fulfilled or waived, the agreement becomes firm.
Example in Greater Sudbury: After financing is approved for a condo purchase in Downtown Sudbury, the buyer’s agent delivers a signed NOF for the financing condition to the listing brokerage.
Related terms: Conditional Offer Notice of Waiver
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Notice of Waiver
Definition: A notice used to remove a condition, where a party chooses to proceed without insisting on strict fulfillment of that condition. Waiver has legal implications; parties should review it with their lawyer.
Example in Greater Sudbury: A buyer on a South End home is satisfied with their informal inspection and chooses to waive the formal inspection condition using a Notice of Waiver. The agreement then becomes firm.
Related terms: Conditional Offer Firm Offer
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O
Offer Date / Offer Presentation Date (often called “Offer Night”)
Definition: A date set by the seller, often through a Seller’s Direction re: Offers, indicating when they prefer to review offers. In everyday conversation, people call this “offer night.” Sellers may still choose to consider early offers depending on their direction and advice.
Example in Greater Sudbury: A New Sudbury listing goes live on Thursday with an offer date the following Monday evening, giving buyers time to view the home and arrange inspections before offering.
Related terms: Seller’s Direction re: Offers Bully Offer Multiple Offers
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Open House
Definition: A set period when a property is open for unaccompanied or accompanied public viewing, usually hosted by the listing brokerage. Open houses are one of several tools used to expose a listing to potential buyers.
Example in Greater Sudbury: A Valley East listing has back-to-back weekend open houses to catch both local buyers and people coming into town to view properties.
Related terms: Showing Instructions MLS® Exposure
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P
Possession Date
Definition: The date the buyer takes possession of the property. In most Ontario residential transactions, this is the same as the closing date unless otherwise agreed in writing.
Example in Greater Sudbury: A seller in Garson hands over keys to their buyer on closing day once the lawyer confirms funds have been received and the property has been transferred.
Related terms: Closing Date Pre-Closing Walkthrough Vacant Possession
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Pre-Listing Package
Definition: The collection of information and preparation steps taken before a home hits the market, often including staging, photography, pre-listing inspection, and key documents.
Example in Greater Sudbury: A South End family spends a week decluttering, touching up paint, and completing minor repairs, then schedules professional photos and video as part of their pre-listing package.
Related terms: Home Staging CMA
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Pricing Strategy
Definition: The approach used to set the list price relative to market value. Strategies may include pricing below likely value to encourage multiple offers, pricing at market value, or pricing above and inviting negotiation.
Example in Greater Sudbury: In a balanced market, a seller in New Sudbury chooses to list close to the expected sale price based on recent comparables, rather than holding offers below market value.
Related terms: Market Value Asking Price Days on Market
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R
RECO Information Guide
Definition: A mandatory consumer information guide from the Real Estate Council of Ontario (RECO) that must be reviewed with buyers and sellers early in the relationship. It explains key rights, responsibilities, and what to expect when working with a real estate professional.
Example in Greater Sudbury: Before signing a listing agreement on a Minnow Lake home, the salesperson reviews the RECO Information Guide with the sellers and answers their questions.
Related terms: Representation Agreement TRESA Client vs Self-Represented
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Representation Agreement
Definition: An agreement that sets out the obligations of a brokerage and its designated representatives when acting for a seller or buyer as a client under TRESA. For sellers, the listing agreement is a type of representation agreement.
Example in Greater Sudbury: A Valley East seller signs a representation agreement confirming that the brokerage will act in their best interests, keep certain information confidential, and disclose material facts related to the property.
Related terms: Listing Agreement TRESA Multiple Representation
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S
Seller’s Direction re: Offers (Form 244)
Definition: A form a seller signs to direct how and when offers are to be handled, such as requesting that offers be held to a specific date, or directing whether pre-emptive (bully) offers will be considered.
Example in Greater Sudbury: A South End seller signs a Seller’s Direction stating that they will not review any offers before Monday at 6:00 p.m., giving buyers time to see the home properly.
Related terms: Offer Date Bully Offer Multiple Offers
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Home Staging
Definition: Preparing a home to show its best by improving layout, decluttering, and using furniture and décor to highlight the property’s strengths. Staging may range from light styling to full furniture packages.
Example in Greater Sudbury: A Minnow Lake seller removes oversized furniture, freshens paint, and works with a stager to make rooms feel larger and brighter before photographs and showings.
Related terms: Pre-Listing Package Pricing Strategy
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Seller Property Information Statement (SPIS)
Definition: An optional form some sellers choose to provide that outlines details they know about the property (systems, past issues, improvements, etc.). It’s not mandatory in Ontario, but if you provide it, it must be accurate. If you’re unsure about something, it’s better to say so than guess.
Example in Greater Sudbury: A seller in New Sudbury is asked, “Do you have an SPIS?” They decide to provide one for clarity, but they leave unknown items blank and rely on documents/receipts where possible.
Related terms: Disclosure Material Fact Addendum / Schedule
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Status Certificate (Condominium Sellers)
Definition: A document that provides detailed information about a condominium corporation, including budgets, rules, reserve fund, and any legal issues. Buyers and their lawyers rely on the status certificate when considering a condo purchase.
Example in Greater Sudbury: A condo seller in Downtown Sudbury agrees to obtain and provide a recent status certificate so buyers can review it during their conditional period.
Related terms: Buyer’s Conditions Conditional Offer
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Showing Instructions
Definition: The rules and expectations set by the seller and listing brokerage for how showings are booked and conducted, including notice required, showing times, and any special requests (such as removing shoes or not using certain rooms).
Example in Greater Sudbury: A family in Valley East asks for one hour’s notice for weekday showings and no showings after 8:00 p.m. due to small children.
Related terms: Lockbox Open House
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Stigmatized Property
Definition: A property that may be affected by perception rather than a physical defect (for example, a widely known event). In Ontario, “stigma” isn’t automatically treated the same as a structural defect. What matters is being honest and not misleading, and handling direct questions properly. When in doubt, speak with your REALTOR® and lawyer.
Example in Greater Sudbury: A seller hears buyers asking questions about a rumour tied to a home in West End. The seller seeks legal advice on how to respond and ensures marketing is accurate and not misleading.
Related terms: Material Fact Disclosure
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T
Title (Good and Marketable Title)
Definition: “Title” is the legal ownership record of the property. In a typical Ontario sale, the seller agrees to provide title that meets the APS requirements (often described as “good and marketable” title), subject to permitted registrations like standard utility easements.
Example in Greater Sudbury: A home in Azilda has a registered utility easement. That doesn’t usually stop a sale, but it will appear on title and is reviewed by the lawyers.
Related terms: Title Search Easement Title Insurance
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Title Search
Definition: A review of the property’s ownership, registered mortgages, easements, and other interests on title, usually conducted by the buyer’s lawyer before closing.
Example in Greater Sudbury: During the sale of a home in Azilda, the buyer’s lawyer’s title search reveals a utility easement that has long allowed access to a rear laneway.
Related terms: Easement Title Insurance Title
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Title Insurance
Definition: An insurance policy that protects the insured (usually the buyer and/or their lender) against certain title-related issues, such as some forms of fraud, survey errors, or unknown encroachments, subject to the policy terms.
Example in Greater Sudbury: A buyer of a home in Onaping–Levack obtains title insurance as part of their closing costs, in addition to the lawyer’s title search.
Related terms: Title Search
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TRESA (Trust in Real Estate Services Act)
Definition: Ontario’s legislation that governs how brokerages and REALTORS® must conduct themselves when trading in real estate. TRESA sets out rules for representation, disclosure of information, written service agreements, and much more.
Example in Greater Sudbury: A seller in New Sudbury reviews the RECO Information Guide and learns how TRESA protects them when working with a brokerage, including duties related to confidentiality and disclosure of material facts.
Related terms: RECO Information Guide Representation Agreement
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Trust Account (Deposit)
Definition: A regulated account where deposit funds are held by a brokerage in trust until completion or release (often via mutual release or court direction if there’s a dispute).
Example in Greater Sudbury: A buyer provides a deposit for a Minnow Lake purchase, and the funds sit in the brokerage trust account until closing day when they are applied to the transaction.
Related terms: Deposit Mutual Release
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U
Undertaking(s)
Definition: Promises exchanged between lawyers on closing (for example, that an existing mortgage will be paid out and discharged after the seller receives the sale proceeds). Undertakings are part of how closings run smoothly in Ontario.
Example in Greater Sudbury: On a closing for a home in South End, the seller’s lawyer undertakes to pay out the mortgage and register the discharge once funds are received.
Related terms: Closing Date Title
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Unconditional Offer
Definition: Another way of describing a firm offer — one with no conditions. Once accepted, it binds the parties to complete the transaction, subject to the terms of the agreement and legal advice.
Example in Greater Sudbury: On a competitive listing in South End, the winning buyer submits an unconditional offer with a strong deposit and flexible closing date.
Related terms: Firm Offer Deposit
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V
Vacant Possession
Definition: The property will be delivered empty of occupants and cleared of the seller’s belongings (except included items) on closing, unless the APS says otherwise (for example, a tenanted property being assumed by the buyer).
Example in Greater Sudbury: A seller in New Sudbury plans a move-out schedule so the home is fully emptied by closing day, ensuring the buyer receives vacant possession as agreed.
Related terms: Closing Date Possession Date APS
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Vendor Take-Back Mortgage (VTB)
Definition: A financing arrangement where the seller lends a portion of the purchase price to the buyer and takes back a mortgage on the property. VTBs are less common for typical residential sales and should be structured with legal and financial advice.
Example in Greater Sudbury: An owner of a mixed-use property just outside Downtown Sudbury agrees to a small vendor take-back mortgage to help a buyer complete the purchase, on terms reviewed by both of their lawyers.
Related terms: Bridge Financing Closing Costs
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W
Pre-Closing Walkthrough
Definition: A final viewing of the property by the buyer shortly before closing to confirm that it is in substantially the same condition as when they agreed to purchase, subject to any agreed repairs.
Example in Greater Sudbury: Two days before closing on a home in Valley East, the buyers complete a walkthrough to confirm that agreed repairs are done and that no new damage has occurred.
Related terms: Closing Date Adjustments Vacant Possession
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Withdrawn / Cancelled Listing
Definition: A listing that is removed from the market. People use a lot of casual language here (“we cancelled,” “we pulled it,” “we took it off MLS”). The reason matters: some sellers pause to adjust pricing or timing, others terminate the listing agreement and move on. Your REALTOR® will explain what applies based on your listing agreement and the local MLS status options.
Example in Greater Sudbury: A seller in Chelmsford withdraws their listing for a few weeks to complete repairs and re-stage, then returns to market with stronger photos and a tighter pricing strategy.
Related terms: Days on Market Pricing Strategy Listing Agreement
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