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"A Family Tradition for 126 Years" PORT PERRY STAR - Real Estate Section - Tuesday, October 6, 1992 - 3 Understanding real estate terms (From page 1) ket rate directly to the lender or to the purchaser, in one lump sum or monthly installments. Closing: The real es- tate transaction's comple-. tion, when the parties in- volved agree that all legal and financial obligations have been met, and the deed to the property is transferred from the sell- er tothe buyer. Conventional Mort- gage: A first mortgage is- sued for up to 75 per cent of the property's ap- praised value or purchase price, whicheveris lower. Counteroffer: One party's written response to the other party's offer during purchase negotia- tions between buyer and seller. Debt Service Ratio: The percentage of a bor- rower's gross income that can be used for housing costs, including mortgage payment and taxes (and condominium fees, when applicable). Deed: A legal document that conveys (transfers) ownership of a property to the buyer. Easement: A legal right to use or cross (right- of-way) another person's land for limited purposes. A common example 1s a utility company's right to run wires or lay pipe across a property. Encroachment: An in- trusion onto an adjoining property -- such as a neighbor's fence, storage shed or overhanging roof line that partially (or even fully) intrudes onto your property. Equity: The difference 'between the price for which a property can be sold and the mortgage (s) on the property. Equity is the owner's "stake" in a property. Estoppel Certificate: A written statement of a condominium unit's cur- rent financial and legal status. Foreclosure: A legal process by which the lend- er takes possession and ownership of a property when the borrower de- faults on the mortgage ob- OPEN HOUSE Saturday, October 10, 1992 2-4 pm ligations. High-Ratio Mort- gage: A mortgage for more than 75 per cent of a property's appraised val- ue or purchase price. Land Transfer Tax: Payment to the provincial government for transfer- ring property from the seller to the buyer. Lien: Any legal claim against a property, filed to ensure payment of a debt. Mortgagee: The lend- er. Mortgage Insurance: Government-backed or private-backed insurance protecting the lender against the borrower's de- fault on high-ratio (and other types) of mortgages. Mortgagor: The bor- rower. Multiple Listing Ser- vice (MLS): A system for relayinginformation to re- altors about properties for sale. Prepayment Privi- lege: A mortgage feature that allows the borrower to prepay a portion or all of the principal balance with or without penalty. T'his privilege is frequent- ly restricted to specific amounts and times. Principal: The mort- gage amount initially bor- rowed, or the portion still owing on the mortgage. Interest is calculated on the principal amount. Variable-Rate Mort- gage: A mortgage for which payments are fixed, but whose interest rate changes in relationship to fluctuating market inter- est rates. If market rates go up, a larger portion of the payment goes to inter- est. If rates go down, a larger portion of the pay- ment is applied to the principal. Vendor-Take-Back Mortgage: When sellers use their equity in a prop- erty to provide some or all of the mortgage financing in order to sell the proper- ty. Don't waste this space. Small ads pay! A member of the Sears Iinancial Network RESIDENTIAL REAL ESTATE F.S.P. TASTEFULLY DECORATED THROUGHOUT - Spacious home offers 3 bedrooms, main floor family room, rec room, airtight setting, central air conditioning, large fenced yard. This home is a pleasure to show. Listed at $199,900. Call 985-7351. Directions: Port Perry - south at corner of 7A highway and Simcoe St. to Lorne St. - follow signs to 256 Union Ave. BE FIRST - JUST LISTED! - Located in quiet cul-de-sac with Mother Nature at your doorstep Walk to school, store. drive the golf cart home! Private lot Large principal rooms Listed at $173,500 Call 985-7351 JUST REDUCED TO $199,900. - YESTERDAY MEETS TODAY! - In this conveniently located century home in Uxbridge Centre hall plan, oak staircase, large principal rooms, main floor dining room, laundry room and family room wi! + walkout to mature lot A pleasure to show Call 985-735 NEW LISTING - Mature hardwood building lot on quiet cul- de-sac surrounded by executive type homes 3 minutes from Port Perry Vendor will assist with financing Listed at $134,900 Call 985-7351 BUILDING LOT - Woodville $34 900 great price - Great lot - HALF ACRE COUNTRY LOT BACKING ONTO WOODS Lovely 4 bedroom sidesplit with main floor family room and walkout to inground pool Finished recreation room. This home is located between Port Perry and Uxbridge Listed at $219,900. Call 985-7351. COUNTRY LANE REALTY LTD. Hwy. 7A & High Street - Port Perry, Ont. 985-7351 0 odppendently owned and operated member broker of Coldwell Banker Affihiates of Canada Inc * AE TR J pf § : i NRT EXCELLENT DAIRY SET-UP - 2 houses. 45 stall cow tie-up Quality buildings. 132 acres. Tile drained land. Outstanding property. Just listed at $299,000 Call 985-7351 KENT ESTATE - PORT PERRY - Established neighbourhood, mature landscaping. 4 bedroom brick and aluminum sidesplit with main floor family room, separate dining room and living room Finished basement with walkout. 2-1/2 baths. Listed at $199,900 Call 985-7351. NEW LISTING - 4 93 acres of privacy 1s the setting for this 3 bedroom bungalow with full finished walkout basement, 2 fireplaces. pine country kitchen Only $149 000 Call 985- 7351 REDUCED TO $184,900. - PICTURE THIS - 2550 sq ft custom built brick bungalow overlooking ravine lot with stream and pond inclusive, main floor family room with fireplace, unspoiled basement with full walkout Cul-de-sac location. Port Perry West Call 985-7351 Port Perry Star OFFICE CENTRE 188 Mary Street - Port Perry - 985-7383- Fax 985-3708 7 CHECK LIST SAVE TIME! SAVE MONEY! we Pens we Crayons we Pencils we Colour Markers ws Scissors ws Colour Pencils ws Glue ws Art Supplies we» Binders we Rulers we Dictionary ws Thesaurus | ww Duo Tangs ws Refill Sheets ws Dividers ws Calculators ws Notebooks we Erasers ws Tape we Liquid Paper ww Math Sets we Pencil Sharpener ws Typing Paper ws Pencil Cases ws Clip Board we Academic Planners ws Your best buys are right here! (o W. 157 J [ef {of (oo I 210) { == Mirrors Organizers Binders Message Centres vie overs (In Fluorescent colours) _-- LOCKER ACCESSORIES Magnetic Pencil Cups NYLON LUNCH BAGS, "SCHOOL HOUSE" - Professionally renovated and expanded to a charming 3 bedroom with living room/dining room combination. Main floor family room plus big double JUST LISTED! - MOVE IN . . . AND ENJOY - Large 4 bedroom home tastefully decorated. It offers everything a family needs - 2-1/2 bathrooms, main floor family room with wood burning fireplace and a large, functional kitchen. Centre hall plan. Listed at $199,500 Call today - 985-7351. STONE & CEDAR HOME - Beautifully kept 3 bedroom sidesplit. Well landscaped 105" x 175" lot. 2 baths, finished basement, detached garage/workshop with heat and hydro Only $139,000. Call 985-7351 e AFTER HOURS - Geoff Cartwright. ........ .Res.: 985-8163 Winda Walsh .......... ....... ........ .Res. 986-4335 Robin Parish oo Res.: 705-439-2173 Roy Corden .............. .... . .. Res.:9859412 Dianne Hooker ..... Res.: 985-2276 Jannette Peters . RT Res. 985-3927 Bruce Peters Res. : 985-3009 Ann Purvis .......Res.: 985-0400 Demise Kingma .Res.: 986-0611 Anita Whitworth . ......... Res. 985-4193 Steven Brouwer .... 'Res. 986-0687 Gail Scala... a ...........Res.: 986-5983 Peter Davidson. ~.....Res.: 985-0369 Brett Puckrin RR. ......Res.: 985-2489 Keith Puckrin ....Res.. 985-2489 Ralph Farman, FRI, CRA Res. 986-5983 MEMBER OF THE OSHAWA & DISTRICT REAL ESTATE BOARD (MLS SERVICE) > fas he aE . AA AN, [7 2 Tm,