ESTATE GLOSSARY
Abatement: share of inheritance or the income on which no tax to pay.
Deed: Any property sale or exchange must be the subject of a deed that only a notary is authorized to write.
private deed: deed prior to the sale, also known as promise of sale or pre-contract and is signed directly between the seller and the buyer.
Property manager: professional responsibility, money, management, real estate property. In the case of condominiums, he served as trustee. In terms of rental management, he takes care of rent collection, payment of expenses, maintenance of the property, etc..
estate agency: it is a company designed to provide property and services related to it: sales, rentals, advice, good estimates.
estate agent: it can represent either the owner, purchaser or tenant. Real interface between the parties concerned, its role will depend the nature of the man who commissioned.
Ascendant: Father, mother, grandfather, grandmother, great-grandfather.
General Assembly condo: it includes all the owners at least once a year. Decisions adopted at a general meeting shall be an official report.
Penalty payment: ordered to pay penalties by day or month of delay in execution of a judicial decision.
lease or rental agreement: it is a document designed to define the contractual relationship between a landlord and tenant. Generally, residential leases for a primary residence are governed by the laws of 23 December 1986 and July 6, 1989.
Lessor: The person who rents out a property it owns
Real estate: it may be a building, a building (house, shed, etc..), A land, a business, a part of building (apartment), plus all the property attached directly to the building: kitchen sink, windows, shutters, fireplace.
Bouquet: capital paid upon the purchase of property in life.
Cadastre: name given to the plan that covers an entire town and on which there are descriptions and names of owners of all lands. By extension, the name given to the municipality that administers the plan.
Deposit: money paid by a tenant as security for its new owner. Also refers to the person who undertakes to repay the debts of the tenant in place in case of failure.
Assignment: transfer of goods for free (donation) or for a fee (sale).
charges: In a condominium, expenses caused by maintenance or operation of common areas.
Codicil: name given to an amendment to a will.
Collateral: brother, sister, uncle, aunt, cousin.
Commission: payment for services performed by the realtor.
Community: matrimonial regime by which the spouses decide to put some or all of their possessions in common.
Sale agreement: bilateral promise to sell, real preliminary contract signed between the parties before a notary or not (Private deed). It commits both parties, the buyer often pays a deposit (also called capital allowance) of 10% of the sale price upon signature.
Co-owner: owner of a property in a multi-building owners.
Condominium: property belonging to several persons separately. It is divided into common and private portions.
Annuitant: A person who sells a good in life and who should receive a regular pension paid by the seller (Débirentier).
Débirentier: a person who buys property in life and who must pay rent due to the seller (the annuitant).
Declaration of Intent to dispose of: statement to be filed with the mayor in municipalities where the government can exercise the right of preemption.
deposit: amount paid by the purchaser (the signing of the preliminary contract of sale) or lessee (upon entering the premises) as security for the contract.
Descendants: Children, grandchildren, great-grandchildren.
devolution: how property will be divided among heirs (1 / 4 for Y, 1 / 2 to X).
Don manual: gift made from hand to hand, without a lawyer.
Grantee: The person who receives a gift.
Donor: Person who makes a donation.
Donation: transfer of property made during the lifetime of the person, which the donor expects no compensation. The donation takes effect immediately.
acquisition costs or costs of notary fees and all rights inherent in the sale of a property. Paid directly to the notary, they combine the duties, taxes, fees and disbursements of the notary.
heir is someone who enjoys a legacy reserve and that one can not disinherit (children are reserving for example).
Mortgage: it guarantees to the bank or the lender payment of the sum borrowed. In case of default, the lender can sell the property of the debtor through the courts.
Building: Law is the general name that is gives all that can be moved (apartment, house, shop, fields.).
Indivision, undivided property: property held jointly by several persons (co-owner for common parts, heirs to inherit housing.).
Legataire: a person who has received property by will.
Legacy: property that has been transmitted by will.
Donations: general legal term given to gifts and wills.
Principal: The person who gives a mandate (permission) to someone (Attorney) to do something for him.
Mandate act whereby a person (the principal) gives another person (the agent) the power to act on his behalf several legal acts such as selling, renting or managing property. Property managers and real estate agents are required to hold a mandate from the owner.
Representative: A person who receives a warrant (permission) to someone (the principal) to do something for him.
property trader: trader who buys on behalf of a property for resale, to achieve profits.
Furniture: law is the general name we give to all that can be easily moved. For example, the furniture which furnishes a home are called household furniture.
Thousandth (or remuneration): unit of account of the rights held by each co-owner of the condominium.
Notary: notary public, office holders, it enjoys a monopoly in the establishment of certain civil acts and authentication. It also has an advisory role.
Naked ownership: Incomplete property since it does not include the use of the property. This practice is called the usufruct.
Freehold: law is the term given complete ownership, as opposed to the bare ownership or usufruct.
Promise to sell: a preliminary contract is signed or not by a professional. It may be a unilateral promise to sell which involves only the seller, within the terms specified in the contract, or a bilateral promise of sale (sale agreement) that commits both parties.
Separation Code: matrimonial by which the spouses agree that their property will not be shared.
Succession: The act of transmission property of a deceased person. Also refers to the value of this heritage.
Syndic of joint ownership: elected by the condominium association, it represents all the owners. It may be a professional, who will then pay, or one of the owners who will perform that function without charge. The trustee manages and lives of the condominium. During the AGM, he justifies and explains his accounts.
condominium: consolidation of all property owners of a condominium.
Testator: a person who makes a will.
Tontine: association of persons (often unmarried) who acquire property by providing that one who dies last shall be the sole owner.
Usufruct: mere right of property use, ownership of the property back to the bare owner.
Market Value: potential value of a property if sold. A real estate expert can estimate the market value or rental property.
Real estate sale means the sale is always preceded by a preliminary contract (promise of sale unilateral or bilateral sales). For a sale to be effective, it must be an authenticated document must by a notary.
Arkwright: serious defect which would render impossible the sale if the buyer had been informed.
