Deposit and down payment
The deposit is money provided under the purchase agreement, with timing and handling set out in the transaction. The down payment is the portion of the purchase price you fund rather than borrow through the mortgage. Ask how the deposit is credited and what additional funds will be needed so you do not count the same money twice.
Mortgage term and amortization
The term is the period covered by the current mortgage agreement. Amortization describes the period used to repay the mortgage through scheduled payments. They answer different questions. Ask the lender to explain renewal, prepayment and payment-change implications before comparing products solely by their interest rate.
Condition and completion date
A condition identifies something that must be addressed under the agreement, with specific wording and deadlines. The completion or closing date is when the transaction is scheduled to complete. Ask your lawyer about the required steps; neither term should be treated as an informal promise that can be changed without consequences.
Status certificate and closing adjustments
A resale condominium status certificate provides information about the unit and corporation for review with legal counsel. Closing adjustments account for certain amounts paid or owed between the parties in completing the transaction. Ask your lawyer to explain the actual documents and amounts rather than relying on a general example.
Check the details
These sources explain rules, services and responsibilities. Confirm the details for your property and circumstances with the appropriate professional.
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