Ameraco

GST CERTIFICATE:
Document, required under the standard form of Agreement of Purchase and Sale, signed by a Vendor upon which the Purchaser may rely stating that Goods and Services Tax is not payable on the purchase price of the property because the subject property is a ‘used residential premises’. GST is payable on new homes, substantially renovated properties, properties which are bought and sold as part of a business of trading in properties and properties for which the Vendor claimed an input tax credit under the Excise Tax Act.

GST REBATE:
Percentage of the GST payable on a new home which a Purchaser is entitled to have refunded, rebate is often signed over to the Vendor in exchange for the inclusion of the GST in the purchase price.

GENERAL LIEN:
A registered claim against property which, instead of attaching just to one property, attaches to all properties owned by the party against whom the claim has been made.

GOOD AND MARKETABLE TITLE:
Ownership of a property which is free of competing claims and interests.

GOOD FAITH:
A term to describe a party’s legitimate and honest efforts to meet her obligations in a given situation.

GRANT:
The act of giving title to another. May also be used as a noun, meaning the instrument that transfers title.

GRANTEE:
One who receives title.

GRANTOR:
One who gives title to another.

GROSS AREA:
The total floor space of a building, including unusable space, measured from the outside walls.

GUARANTOR:
The person who signs a mortgage and assumes responsibility for it despite the fact that he receives no benefit from the loan.

Tags: Real Estate Terminology

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