real estate jargon

Housing Market, Rental Listings, Stats & Advice
Post Reply
User avatar
arrandc
Posts: 19
Joined: Fri Aug 22, 2008 12:20 am
Location: Littleborough, England

real estate jargon

Post by arrandc » Tue Aug 05, 2008 2:20 pm

23rd March 2008 04:45

hi to everyone,

we are new to the site...and we are moving to the valley around oct....please could someone explain some of the jargon to us.
ie zoned duplex....half duplex....duplex.....strata fees...contingent

we are slighlty confused by some of it...so any help would be gratefully received

many thanks :beers



User avatar
Betalil
Posts: 237
Joined: Thu Aug 21, 2008 1:12 pm
Location: Kelowna

Re: real estate jargon

Post by Betalil » Tue Aug 05, 2008 2:20 pm

23rd March 2008 11:47

Hi arrandc, welcome to the site!

As to your question I hope I can shed some light, although others may do a better job. :)

DUPLEX= is essentially two homes attached on a single property
ZONED DUPLEX = is a property that can potentially have a duplex built on it, but is not currently that way - most likely has a single family dwelling on it.
HALF DUPLEX = is defined as one side of a DUPLEX - for one family, someone else would own the other side


STRATA FEES - are a monthly fee - usually in condominium/apartment complexes, townhomes (attached row houses), gated compounds with detached homes. In Strata developments you would own a portion or share of the property and be responsible for that portion of the upkeep, the fees usually cover such things as snow removal, yard care and exterior building upkeep, and sometimes exterior building insurance. It varies depending on the strata and amenities provided. For each Strata there would be an elected council (from with-in the ownership) that would decide the rules and regulations of the particular strata and also decide how much the fees will be and how they are spent. Mind that these fees are over and above property taxes etc.
CONTINGENT = is basically buying a property (normally with-in a STRATA) that has not been built yet. You would put down a deposit (% of final purchase price), and then wait 1 - 5 years (for the building to be built) before you can actually get possession. There is an element of risk as economic climates circumstances do change. There have recently been a few complexes in Vancouver that have gone into recievership, and some contingency buyers are having to fight for their deposits back or are having to pay a higher price for their units.

DUPLEXES are not normally subject to STRATA fees even if the single property has been "stratafied" to enable the selling of a single side. But it's best to get along with your attached neighbor to share any improvements/upkeep. It's also a good thing to check with a DUPLEX - is your potential neighbor an owner or renter, this could affect your upkeep too.

Hope this helps, and I didn't make you more confused.



User avatar
tony74
Posts: 93
Joined: Thu Aug 21, 2008 5:02 pm
Location: Grantham, England now West Kelowna

Re: real estate jargon

Post by tony74 » Tue Aug 05, 2008 2:21 pm

23rd March 2008 12:05

Welcome arandc!

I'm sure you will find AO as much a help as I have done. Looks like Betalil has got the housing jargon covered. Thanks a lot



User avatar
arrandc
Posts: 19
Joined: Fri Aug 22, 2008 12:20 am
Location: Littleborough, England

Re: real estate jargon

Post by arrandc » Tue Aug 05, 2008 2:21 pm

24th March 2008 04:20


many thanks for the info it has really cleared things up for us....although we are easily confused.



User avatar
Brell
Posts: 198
Joined: Thu Aug 21, 2008 12:24 pm
Location: Coldstream, BC

Re: real estate jargon

Post by Brell » Tue Aug 05, 2008 2:21 pm

27th March 2008 13:20

You might also want to be aware of Freehold and Leasehold Titles.

Freehold is ownership - Leasehold means long term lease - usually on First Nations Land, with an additional lease fee.



Post Reply

Who is online

Users browsing this forum: No registered users and 2 guests