Real Estate Law entails elements of Municipal and Provincial laws. The system is crafted in a unique way to improve and regulate land such as buildings, wells, fences and other types of structures. This encourages controlled development to ensure that our cities continue to look clean, beautiful and organized.
When dealing with any sort of Real Estate transaction the team at Ayoun Law encourages that you know the definition of key terms:
- Title: The Person who owns the land
- Mortgage: A loan covering the price of a house.
- Foreclosure: The process by which the lender takes over the ownership of a home if the owner defaults in paying back the mortgage.
- Closing: The final meeting at which ownership of real estate is transferred officially.
- Real Estate Agent: A licensed professional that conducts and negotiate real estate transactions.
- Escrow: Money or property in the safekeeping of a disinterested third party.
