In this short guide, we'll help you out describing what do the most common words used in real estate mean in different aspects related to condos in Vancouver.
Sometimes, all the terms and definitions related to lofts, apartments, or condominiums can make you confused. In this short guide, we'll go through a list of the most common words used in real estate to describe different aspects related to condos in Vancouver.
Final Closing: This is the date when the condo is registered officially and when you obtain the title to the property.
Furnished Units: These are apartments, which are already equipped with furniture and amenities for everyday living. It is not uncommon to find these in downtown luxurious condos where the developer is trying to add something extra to attract buyers.Loft area: Most of the times found in older repurposed industrial buildings with high ceilings. It's typically an additional area accessible by a smaller staircase to provide an extra sleping or living area.
Occupancy Date: The date when you must take occupany of your propety, as specified in the contract.Registration: Refers to the process process by which the condo's declaration and description are officially approved by the requisite governmental organs.
Studio: Describes a two-room apartment where the kitchen is considered one of them.Unit: The space contained within the set of specified boundaries in your home.
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