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Technical jargon in any profession can create confu- sion and misunderstanding for those not versed in the lingo. The real estate in- dustry is no exception. The following are commonly us- ed real estate industry terms, along with a plain English explanation provid- ed by the Ontario Real Estate Association (OREA). Abstract - A written history of the title to a parcel of real estate as recorded in a Land Registry office. Agency - The relationship between an individual and agent which arises out of a contract (written or oral) in Robert Hall Carolyn Hall = 655-8444 RE/MAX Canaanland Realty Inc. 55 Baldwin Street BROOKLIN, ONT. Hall 655-8444. STARTING ON A BUDGET? Doesn't mean you can't have something nice! Cozy home overlooking Lake Scugog features new pine kitchen and a sliding glass door walkout to a new deck. At only $94,900., it's a great place to start! Call Robert or Carolyn which an agent is employed and authorized by the in- dividual to represent him in business transactions with a third party. Agent - One who is authorized by an individual to represent him or her in business transactions with a third party. In the real estate profession it refers to a broker. Agreement for Sale - An agreement for the purchase of real estate property in which the purchase price is paid in installments and the title is not conveyed to the purchaser until the pur- chase price is paid in full. Agreement of Purchase and Sale - A contract by which one party agrees to sell and another agrees to purchase. PORT PERRY STAR "CLASSIFIEDS" PORT PERRY'S LONGEST ESTABLISHED REALTOR FRANK LEAL REALTOR Toronto Line 686-3931 112 SCUGOG STREET - PORT PERRY - ONTARIO WHEN YOU LIST WITH W. FRANK REAL ESTATE YOU ARE LISTING WITH A TEAM. OUR FULL TIME SALES PROFESSIONALS UNDERSTAND TODAY'S PROBLEMS AND ARE EQUIPPED WITH SOLUTIONS TO GET YOUR HOME SOLD! PORT PERRY NORTH: New 3 bedroom all brick custom built home, L-shaped liv- ing and dining room, fireplace. Overlook- ing lake for only $169,900.00. Call STEVEN BROUWER for viewing today 985-7386 or 986-0687. NESTLETON $199,000.00: 3 bedroom 1 year new brick bungalow, 2 baths, double attach- ed garage. Basement partially finished. School bus pickup. For more details call CHERYL HILL 985-7386 or 985-0718. WATER STREET, DOWNTOWN PORT PERRY: C3 Zoning - permits available to allow con- struction of 20 condo-apts with 4000 sq. ft. ground floor commercial, all services available at $1,100.000.00. Call C. MALCOLM BLISS 985-7386 or 985-3298. 'EXECUTIVE HOME - BLUE COL- LAR PRICE": 3 bedroom brick and Cedar 3 year old home. Features 4 walkouts, 2 fireplaces, master en- suite, eat-in kitchen, lower level family room with bar, central air plus much more. Mature treed lot in prestigious area overlooking Lake Scugog, 5 minutes from Port Perry. Call now for all the details | today. Priced for quick sale at - $229,900.00. ERNIE DUNCAN ERNIE DUNCAN 985-7386 or 986-0055. 'VENDORS HAVE BOUGHT": 68 acres, Scugog Island, 3 bedroom raised bungalow, 3 bedrooms down, separate entrance to lower level, 2 4 pc. washrooms. Large barn and pond add to this well-priced home at $299,900.00. Don't delay, call today, ERNIE DUNCAN 985-7386 or 986-0055. SCUGOG ISLAND $159,500.00: 3 bedroom bungalow. spacious eat- in kitchen, walkout to sunroom, at- tractive pine bathroom. main floor laundry. Full basement with rec room and play room All on 75" x 200' lot, beach and park facilities Call VALERIE HOFFMANN 985-7386 or 985-2526 VALERIE HOFFMANN ROOM TO GROW!: 20 acres North of Port Perry. Brick and aluminum sidesplit, 3 bedrooms with cozy fireplace. Ideal to start your own horse or hobby farm Mix ed bush and pasture. Don't pass this up, only $185,000.00. Contact DAVID WOOD 985-7386 or 986-4986 tr RETREAT PROPERTY: In the heart of deer country 2.13 acres, year round road, lake ac cess. well treed Asking $28,900.00 possible terms Call ALAN BASSETT 985-7386 or 705-687-7060 Appraisal - The act or process of estimating value. Assessed Value - A valua- tion placed upon the proper- ty as a basis for municipal taxation. Assumption of Mortgage - The taking of title to pro- perty by an individual where he or she assumes liability for an existing mor- tgage against a proper- ty and they become per- sonally liable for the pay- ment of such mortgage debt. Balance Due on Comple- tion - The amount of money the purchaser will be re- quired to pay to the seller to complete the purchase, after all adjustments have been made. Caveat Emptor - A Latin Expression meaning "Let the buyer beware." The buyer must examine the good or property he or she is buying and he or she therefore, buys at his or her own risk. Chattel - Personal proper- Clarification of professional Real Estate terms ty which is tangible and moveable. Commission - Monies paid to an agent upon the sale or lease of property, usually as a percentage of the amount involved. Contract - A contract is a legally binding agreement between two or more capable persons. The agree- ment says that in return for a lawful and genuinely in- tended act a certain value will be placed. The contract must be in writing. Convenant - An agree- ment contained in a deed and creating an obligation. It may be positive, stipulating the performance of some act or it may be negative or restrictive, for- bidding other acts. Creditor: - A person to whom a debt is owed by another person usually call- ed a debtor. Date of Completion: - The date specified in the agree- ment of purchase and sale, when the purchaser is to deliver the balance of money due and the seller delivers a duly executed deed and vacant possession of the property. Deed - A document in writing, duly executed and delivered that conveys title or an interest in real property. Deposit - The payment of money or other valuable consideration as pledge for fulfillment of the contract. Exclusive Listing - A document giving the sole right to offer a described piece of property for sale, according to the terms of the agency agreement. Foreclosure - Court ac- tions taken by a mortgagee, when default occurs on a mortgage, causing forfeiture, of the property. Intestate - A person who dies without a will, or leaves one which is defective in form. Lease - A contract bet- ween landlord and tenant Turn to Page 7 WATERFRONT LOT: 100 ft. frontage with sandy beach, drilled well, septic system, 2 utility sheds and 32 ft. floating dock in Robinglade Estates. Listed at $137,000.00. Call TOM SCHELL 985-7386 or 985-9415. INVESTORS OR DEVELOPERS: 165 acres surrounding Hamlet of Utica on 2 sides, former dairy operation, good barns and outbuildings, small stream. 15 per- cent down with vendor financing. Asking $7,500.00 per acre. Call MARK SMITH 985-7386 or 985-3110. PICTURE YOUR FAMILY BY THE LAKE!: Custom built 2 year new maintenance free 3 bedroom rais- ed bungalow. Features fabulous eat-in kitchen, separate dining, etegant foyer with entry from oversized double garage and workshop. Complete with oak accents, woodstove and 12' x 16' storage shed on a well manicured V2 acre lot. Clean, com- fortable and classy. Only $179,900.00. Call DEBRA--ANN DEBRA-ANN TAYLOR TAv| OR 985-7386 or 985-8881. OPEN HOUSE SAT. OCT. 20 - 11:30 - 1:00 P.M. Directions: Durham Road 57 to Conces- sion 2. east 5 miles. follow sign. BLACKSTOCK $174,900.00: Bring us an offer! 3 bedrooms, country kitchen, fireplace, finish- ed basement. Your hostess BONNIE STEELE 985-7386 or 985-3398. OPEN HOUSE SAT. OCT. 20 -- 2-4 P.M. Directions: Follow Durham Road 2 North of Port Perry to Sonya, follow signs. $236,900.00; SONYA: Quality built ranch bungalow, 3 bedrooms, master has ensuite and walk-in closet, country kit- chen with walkout to deck, southern exposure. Double attached garage. Bonus: basement with second kitchen and three bedrooms. Call BONNIE STEELE 985-7386 or 985-3398. SOUTH OF BLACKSTOCK: Totally renovated 1'% storey, 3 bedrooms. Almost 1 acre lot with 250 ft. road frontage. Coun- try setting with small barn and shop. Pric- ed at $189.000 00 Contact JOHN WOLTERS 985-7386 or 986-4303 BONNIE STEELE BLACKSTOCK AREA: Green thumb wanted. Unique open space custom built three bedroom home All oak tim and staircase. Master bedroom retreat. Fieldstone fireplace, central air, alarm system, maintenance free exterior WOLTERS 985-7386 or 986-0055 RE FW ER Large country lot $299,500.00. Call JOHN SEI ES ESI SAI EEL INE EIEN EERE i dir FR ----E et Wn se AE A A