Glossary of Canadian real estate deal terms

Terms used across myAbode Deals and in Ontario real estate transactions.

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Products

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myAbode Deals

myAbode’s deal-processing platform for Canadian brokerages. It takes a transaction from accepted offer to commission payout.

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Abby

The assistant inside myAbode Deals. Agents send her deal documents; she reads them, opens the deal, checks the paperwork and follows up on what’s missing. See Meet Abby.

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Deal desk

myAbode’s team of deal experts who review every deal.

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Documents

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Agreement of Purchase and Sale (APS)

The core contract in an Ontario resale transaction, usually on an OREA form.

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Agreement to Lease

The core contract when a property is rented rather than sold.

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Schedule A

Terms attached to an agreement such as an APS, listing agreement or lease. It is part of that agreement.

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Schedule B

The listing brokerage’s standard schedule, attached to the listing so a co-operating agent can include it with an offer.

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Amendment

A signed change to an agreement, for example a new closing date or a struck condition.

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Notice of fulfillment / waiver

The signed notice that a condition has been met (fulfillment) or given up (waiver). A conditional deal becomes firm once every condition is fulfilled or waived.

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Mutual release

The agreement the parties sign when a deal falls through, releasing each other and the deposit. Released deals appear under Released.

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Deposit receipt

Proof that the buyer’s deposit was received and by whom it is held.

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OREA forms

The standard Ontario real estate forms published by the Ontario Real Estate Association.

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Deal terms

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Deal

One real estate transaction being processed by the brokerage.

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Listing side / co-op side

The listing side represents the seller or landlord. The co-op (co-operating) side represents the buyer or tenant.

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Double-end

One agent or brokerage represents both sides of the same deal.

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Self-represented party

A buyer, seller, landlord or tenant with no brokerage representing them in the deal.

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Offer date

The date the offer was written. It appears in the header of every schedule and must match across the deal’s documents.

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Acceptance date

The date all parties accepted the agreement. Conditions are counted from it unless they name a fixed date.

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Irrevocable date

The deadline by which an offer must be accepted.

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Conditional / firm

A conditional deal still depends on conditions such as financing or inspection. It is firm once every condition is fulfilled or waived.

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Closing date

The day the transaction completes. For a lease, the day the keys are handed over.

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Brokerage and payout

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Trade sheet

The brokerage’s record of a transaction: the parties, price, deposit and the commission split and payout details. It is signed electronically before payout.

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Trade record

The record of a trade that Ontario’s TRESA requires a brokerage to keep, with specific fields such as the parties, price, deposit holder and commission.

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Commission split

How a deal’s commission is divided between the agents and brokerages on it.

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EFT

Electronic funds transfer, the way agents are paid.

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Broker of record

The licensed person responsible for a brokerage’s compliance.

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Office / branch admin

A brokerage staff member who manages the agents in one office (branch).

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Regulation

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RECO

The Real Estate Council of Ontario, the province’s real estate regulator.

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TRESA

The Trust in Real Estate Services Act, Ontario’s real estate statute.

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FINTRAC

The Financial Transactions and Reports Analysis Centre of Canada. Brokerages have anti-money-laundering obligations to it, such as identifying clients.