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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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Glossary

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Foreclosure:

The legal process where the lender takes possession of your property and sells it to cover the debts you have failed to pay off. When you default on a loan and the lender feels that you are unable to make payments, you may lose your home to foreclosure.

Fair Market Value

The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.

Fee Simple

Outright ownership of real estate, free of any liens or other claims against title

Fee Simple Defeasible

A condition in which someone has outright ownership of real estate, free of any liens or other claims against title, but whose use of the property has restrictions

Fiduciary

An individual, company or association responsible for managing someone else's assets and interests. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy and those responsible for managing the finances of a minor.

Fiduciary Duty

A requirement that a person in a position of trust, such as a banker, real-estate agent, or title agent, must act in good faith and honesty on behalf of a client.

Field Changes

Modifications made to a building on-site.

First Lien

Primary claim by the lender for satisfaction of outstanding debt. A first mortgage creates a first lien.

First Mortgage

A mortgage that is the primary lien against a property.

Fixed Assets

Assets like machinery, land, buildings, or property used in operating a business that will not be consumed or converted into cash during the current accounting period.

Fixed Expenses

Fixed business costs that do not change with the volume of business, such as rent for business premises, insurance payments, utilities, etc.

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