York Region Real Estate Glossary: 25 Terms Every Buyer and Seller Should Know
Twenty-five terms that come up regularly in York Region real estate transactions, defined in plain language.
Days on Market (DOM)
The number of days a listing has been actively for sale.
Last Days on Market (LDOM)
Days on market counted from the most recent listing date, after any relist.
Previous Days on Market (PDOM)
Days accumulated during an earlier, unsuccessful listing attempt before the property was withdrawn or expired and relisted.
Conditional Offer
An accepted offer that depends on one or more conditions, such as financing or inspection, being satisfied before it becomes binding.
Firm Offer
An offer with no conditions attached, binding on both parties once accepted.
Irrevocable Period
The window of time during which an offer must be accepted, rejected, or countered before it automatically expires.
Deposit
Funds submitted by the buyer upon offer acceptance, held in trust and credited toward the purchase price at closing.
Bridge Financing
A short-term loan covering the gap between a new purchase closing and a current home’s sale closing.
Net Sheet
An estimate of a seller’s actual proceeds after commission, legal fees, mortgage discharge, and other closing costs are subtracted from the sale price.
Comparative Market Analysis (CMA)
An estimate of a home’s market value based on comparable sales, active listings, and expired listings, adjusted for differences between properties.
List-to-Sale Ratio
The sale price expressed as a percentage of the list price.
Months of Inventory
The number of months it would take to sell all current active listings at the current pace of sales.
Sales-to-New-Listings Ratio (SNLR)
The percentage of new listings in a period that resulted in a sale, used as a general indicator of market balance between buyers and sellers.
Freehold
Ownership of a property that includes the land itself, with no condominium corporation or condo fees involved.
Condominium
Ownership of an individual unit plus a shared interest in common elements of the building or complex, governed by a condominium corporation and funded by condo fees.
Status Certificate
A document from a condominium corporation disclosing its financial health, reserve fund, rules, and any pending legal matters, typically reviewed before a condo purchase closes.
Adjustment Date
Usually the same as the closing date, this is the date used to prorate costs such as property tax between buyer and seller.
Closing Costs
The fees and taxes due at closing beyond the purchase price itself, including legal fees, land transfer tax, and title insurance.
HST Rebate
A rebate available on a portion of HST paid on eligible new construction homes, subject to qualifying criteria based on price and intended use.
Title Insurance
Insurance that protects against certain title defects, fraud, or ownership issues discovered after closing.
Land Transfer Tax
A provincial tax paid by the buyer at closing, calculated based on the purchase price.
Mortgage Discharge
The formal process of removing a mortgage from a property’s title once it has been paid off or repaid through a sale.
Holdback
A portion of funds withheld at closing, often related to new home warranty programs, until specific conditions are met.
Schedule A
A standard form attached to an offer that sets out additional terms and conditions specific to that transaction.
Multiple Representation
A situation where one brokerage, or in some cases one designated representative, acts for both the buyer and the seller in the same transaction. It requires informed, signed consent from all parties. The specific rules governing this in Ontario have continued to evolve under the Trust in Real Estate Services Act (TRESA), which came into force December 1, 2023. RECO is actively enforcing the consent and disclosure requirements under TRESA. Current requirements should be confirmed directly with RECO or a real estate lawyer rather than assumed from a prior transaction.
Want the numbers that apply to your specific home or move? Get a free, no-obligation home value estimate at pambechard.com. Pam Bechard, Listing Strategist with Royal LePage RCR Realty, will follow up directly with the comparable sales behind your number.
About Pam Bechard
Pam Bechard is a Listing Strategist with Royal LePage RCR Realty serving York Region and South Simcoe, Ontario. With nearly 15 years of experience, she works with buyers, sellers, and downsizers navigating the YRSS market. Her approach is data-first, pressure-free, and grounded in verified local market intelligence.
Get your free home value estimate → pambechard.com · 905-716-2736 · pambechard@royallepage.ca
