Unless you’re one of the lucky ones, for most homebuyers, a little financial assistance is needed when purchasing a home. This financial assistance is known as a mortgage. (more…)

Hey, if you’re going to be checking out lofts, you might as well get with the lingo so you can keep up with what your real estate agent says.

HARD

If your agent tells you that the place you’ll be checking out is a “hard” loft, it’s what most of us traditionally envision of a loft: those high unfinished ceilings with exposed beams and brick, no walls anywhere except to separate the bathroom, and (usually) visible ducts or plumbing. The windows are also “warehouse style”. No fancy decorations or finishes here. It’ll be just a plain space often featuring the original structural workmanship, which is why it’s so popular! A hard loft is a residential building space that was once a functioning warehouse or factory. A good example of one in Toronto is The Broadview Lofts. Once a Rexall Drugs warehouse constructed at the turn of the century, The Broadview Lofts has all of these features plus a number of amenities that have been added to serve its residents - something that is hard to come by with hard lofts.

And remember: hard is synonymous with “true” in the world of lofts.

SOFT

For a “soft” loft, be prepared for something different from your traditional expectations. Ceilings can be lower, with no real minimum height but typically higher than a condominium unit. There is no exposed brick, beams, etc. The unit has been totally finished, but with big windows and more open space than a condo, which means less walls. Soft lofts are not converted warehouses or factories. They were built for the whole purpose of becoming a residential space.

Zed is a soft loft in downtown Toronto.

In a real estate contract for the sale or purchase of a property, you’ll notice the term “Subject Property”. So what’s that mean?

Subject property is legally defined as the address and description of the property in question. It includes the full address and a full legal description. The full legal description generally includes such specifics as the size and any easements.

“Easement” is the right of a non-owner to use parts of the property to be purchased or sold. It can be, for example, part of a walkway that is frequently used by your neighbour. While this may apply more for houses, make sure to see if there are any easements in your contract to save yourself from potentially annoying surprises!

If you’ve checked out newer developments in the city as a buyer or investor, you’ll notice a few promoting themselves as “LEED®” certified. So what’s that mean?

With increasing interest in environmentally friendly products and services, developers and construction companies have also begun to take an initiative in opting for materials and design that are less damaging to the environment in their construction phase and in the long term. While some simply adopt a few more environmentally friendly practices, others adapt to a standard known as LEED®.

LEED® stands for the Leadership in Energy and Environmental Design, and is recognized for the Green Building Rating System™. This side of the border, LEED® standards are set by The Canada Green Building Council (CaGBC). Several aspects of design and building must meet these standards. There are 6 categories by which these are monitored.

• Sustainable Sites
• Water Efficiency
• Energy and Atmosphere
• Materials and Resources
• Indoor Environmental Quality
• Innovation & Design Process

To become LEED® certified, the building must meet the standards in a rating system awarding points which accumulate to a score that can be one of the following: certified, silver, gold or platinum.

Some examples of buildings that are LEED candidates include VERVE and James Cooper Mansion.

Hey, if you enter the real estate market, you’ve got to know what those fancy words mean. Here’s one of them:

Lien: A legal claim against a property as security for the payment of debt. The lien holder (also known as the lienor) can legally sell the property in question to satisfy a debt if it is not paid by the lienee. When a contract is paid for, the lien is removed. Understanding this term is essential for home buyers with a mortgage because if the mortgage payments are not paid on time, then their home (as the lienee) can be seized!