Welcome to the Real Estate Terminology page of SGG Real Estate Group, your trusted source for property expertise in Calgary, Alberta. As a leading Calgary real estate agency, we understand that buying or selling a property can be overwhelming, especially if you're not familiar with the real estate jargon used in our region. That's why we've compiled a comprehensive list of the most commonly used real estate terms in Calgary to help you navigate the process with confidence. Whether you're a first-time homebuyer or a seasoned property investor, our goal is to provide you with the knowledge you need to make informed decisions about your Calgary real estate transactions.

Here are some of the key terms you should be familiar with:

Alberta Real Estate Association : The governing body for real estate professionals in Alberta, Canada.
Appraisal: An evaluation of a property's value by a licensed appraiser.
Asking/List Price: The price at which a seller lists their property for sale.
Assessed Value: The value of a property as determined by the municipality for tax purposes.
Associate/Agent: A licensed professional who represents a buyer or seller in a real estate transaction.
Attached Goods: Items that are permanently affixed to a property, such as light fixtures and built-in appliances.
Broker: A licensed professional who manages a real estate brokerage and oversees real estate transactions.
Buyer Brokerage Agreement: A contract between a buyer and their real estate agent outlining the terms of their working relationship.
Buyer’s Associate: Also known as a "Buyer’s Broker" or "Purchaser’s Associate," a licensed professional who exclusively represents the buyer in a real estate transaction.
Certificate of Compliance: A document stating that a property complies with local bylaws and zoning regulations.
Client: A person or entity represented by a real estate professional in a real estate transaction.
Closing Costs: The fees and expenses associated with closing a real estate transaction, such as legal fees and land transfer taxes.
CMHC: The Canada Mortgage and Housing Corporation, a government agency that provides mortgage insurance to lenders.
Commission: The fee paid to a real estate agent or brokerage for their services in a real estate transaction.
Comparative Market Analysis (CMA): An evaluation of a property's value based on recent sales of similar properties in the area.
Completion Day: The date on which the buyer takes possession of the property and the sale is considered complete.
Condition Precedent: A condition that must be met before a real estate transaction can be completed, such as a home inspection.
Condominium Ownership: A type of property ownership in which the owner owns a unit within a building or complex and shares ownership of common areas with other unit owners.
Conveyance: The process of transferring ownership of a property from the seller to the buyer.
Counter Offer: A response to an offer in a real estate transaction that changes one or more terms of the offer.
CREA: The Canadian Real Estate Association, a national organization that represents real estate professionals in Canada.
Customer: A person who is not represented by a real estate professional in a real estate transaction.
Down Payment: The amount of money a buyer pays upfront towards the purchase of a property.
Dual Associate: A licensed professional who represents both the buyer and seller in a real estate transaction with the informed consent of both parties.
Easement: A legal right of way granted to a person or entity to access a property for a specific purpose.
Encroachment: When a portion of a property extends onto a neighbouring property without permission.
Encroachment Agreement: A legal agreement between two property owners allowing the encroachment of one property onto another.
Encumbrance: A claim against a property that affects its value, such as a mortgage or lien.
Estoppel Certificate: A document provided by a condominium corporation outlining the financial and legal status of a unit.
Fee Simple Estate: The highest form of property ownership, in which the owner has full rights to use and control the property as they see fit, subject to local bylaws and zoning regulations.
Fiduciary Duty(ies): The legal and ethical obligations of a real estate professional to act in the best interests of their client.
Joint Tenancy: A form of property ownership in which multiple owners share equal rights to the property and have the right of survivorship.
Lien: A legal claim against a property for the payment of a debt.
Listing Associate: A licensed professional who represents the seller in a real estate transaction.
Listing Contract: A contract between the seller and their real estate agent outlining the terms of their working relationship.
Multiple Listing Service® (MLS® System): A database of properties for sale by real estate professionals.
Mortgage: A loan used to finance the purchase of a property, secured by the property itself.
Organized Real Estate: The collective term for real estate professionals and organizations in Canada.
Property Taxes: Taxes paid by the property owner to the municipality based on the assessed value of the property.
Purchase Contract: A contract between the buyer and seller outlining the terms of the sale.
Real Estate Board: A local organization representing real estate professionals and overseeing the local real estate market.
Real Property Report: A document showing the location of buildings and improvements on a property and any encroachments or easements.
REALTOR®: A licensed real estate professional who is a member of the Canadian Real Estate Association.
REALTOR.ca: A website operated by the Canadian Real Estate Association featuring property listings from real estate professionals.
REALTORS® Association of Edmonton: A local organization representing real estate professionals in Edmonton, Alberta.
Rights of Way: A legal right granted to a person or entity to access a property for a specific purpose.
Seller’s Associate: A licensed professional who represents the seller in a real estate transaction.
Single Agency: A working relationship in which a real estate professional represents only one party in a transaction.
Statements of Adjustments: A document outlining the financial details of a real estate transaction, including adjustments for property taxes and other costs.
Tenancy in Common: A form of property ownership in which multiple owners share ownership of the property but not necessarily equal rights to it.
Title: A legal document showing proof of ownership of a property.
Title Search: An investigation of public records to verify ownership and any encumbrances on a property.
Torrens System: A system of land registration in which ownership is guaranteed by the government.
Transaction Brokerage Disclosure: A document outlining the role of the real estate professional in a transaction.
Unattached Goods: Items that are not permanently affixed to a property, such as furniture and appliances.
Zoning: Local bylaws regulating the use of land and buildings in a specific area.

These are just some of the many real estate terms you may encounter during your buying or selling process. At SGG Real Estate Group, we strive to provide our clients with the knowledge and guidance they need to make informed decisions. Contact us today to learn more about how our expertise can assist you in navigating the local Calgary real estate market.