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Agnes Gabiga Sales Representative Bus: 905-268-1000 |
Real Estate Terms
Buyer Brokerage Agreement: A written agreement between the buyer and the buyer's agent, outlining the agency relationship between the two parties and the manner in which the buyer's agent will be compensated. In some states or provinces, a buyer agency relationship arises automatically, without a written agreement establishing the relationship.
Equity: The difference between the value of the property and the amount owing (if any) on the mortgage.
Mortgage Broker: A person or company having contacts with financial institutions or individuals wishing to invest in mortgages. The mortgagor pays the broker a fee for arranging the mortgage. Appraisal and legal services may or may not be included in the fee.