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The best decisions start with the best information.™
Though it's been noted a thousand times before it’s nevertheless true; buying a home is one the most important financial decisions you will make. If you're planning to buy or sell a home in South Surrey / White Rock, then you'll want to make use of the information that we've assembled here in our resource section. Take a look through this section to get the information you need and don't hesitate to contact us with any questions. As always, our commitment is to provide you with the best information along with the best service to make your next move the right move.
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A process for estimating the market value of a particular property.


The increase in value of something because it is worth more now than when you bought it.

Approved Lender:

A lending institution authorized by the Government of Canada through CMHC to make loans under the terms of the National Housing Act. Only Approved Lenders can negotiate mortgages that require mortgage loan insurance.


The period of time, often a maximum of 25 years, required to reduce the mortgage debt to zero when all regular blended payments are made on time and provided the terms (payment and interest rate) remain the same.

Assumption Agreement:

A legal document signed by a homebuyer that requires the buyer to assume responsibility for the obligations of a mortgage by the builder or the previous owner.


A disclaimer of ownership by the trustee or debtor in property deemed burdensome or inconsequential. Once property has been "abandoned," it is no longer the property of the estate, and creditors can seek to recover their money.

Abstract of Judgment

A court document that states how much the loser of a lawsuit owes, and which creates a lien, or a claim on property, when filed with the county recorder where the property is owned.

Abstract of Title

A written history of all the transactions that bear on the title to a specific piece of land. An abstract of title covers the time from when the property was first sold to the present. Used by the title company to produce a title binder.

Acceleration Clause

The section of a mortgage document that allows the lender to speed up the payment date in the event of a default, making the entire principal amount due.


A property seller's formal, written approval of a buyer's offer.

Account Agreement

An agreement that you sign and which lists your rights and responsibilities and the bank's rights and responsibilities for the bank account.

Accounting Method

The method used by a business or individual to keep records. Most individuals and small businesses use the cash method, although businesses that maintain inventory are required to use the accrual method. See also "Accrual Method" or "Cash Method."

Accounts Payable

Money owed to a business by purchasers of goods and/or services.

Accrual Method

Business accounting in which you report income in the year you earned it and expenses in the year you incur them, rather than reporting income and expenses when you receive payment or when you pay the expenses. Under this method, if you built a deck and billed the client in December 1999, the amount you charged would be reported in 1999 as income even if you didn't get the payment until January 2000. If you own a business that maintains an inventory, you are required to use the accrual method.


To come into possession or gather together an amount, often over a period of time.

Accrued Interest

Interest which has already been earned but has not yet been paid.

Acquisition Fee

A fee charged by some leasing companies for originating the loan, just as mortgage lenders charge points as an origination fee. This fee is often not specified in a contract, but rolled into the capitalized cost when calculating monthly payments.


43,560 square feet. A plot of land 180 by 242 feet is one acre.

Acre Foot

The water or other material needed to cover an acre of land one foot deep. Equivalent to 325,851 gallons.

Act of God

When used in insurance policies, an event caused by natural forces such as hail, rain, tornado, lightning, floods or earthquakes, which results in damage to property.

Active Income

Active income, such as wages, tips and profits from your business that you materially participate in, and portfolio income, such as interest and dividends. Generally, you cannot offset active income with passive losses. See also "Non-passive Income."

Actual Age

The years since a structure was built. Differs from effective age.

Actual Cash Value

The amount of money that a broker or dealer has invested in the purchase and repair of a used vehicle.

Adjustment Date:

The day from which all calculations of interest, tax adjustments, utility bill adjustments (if applicable) are made to the credit of either the buyer or the seller. This is usually (but not always) the same as the possession date.


The number of years it takes to repay the entire amount of the mortgage.

Appraised Value:

An estimate of a property’s market value, used by lenders in determining the amount of the mortgage.

Assessed Value:

The value of a property, set by the B.C Assessment Authority, and used by the local municipality for the purposes of calculating property tax.

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