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TAX CERTIFICATE:

At the time of a sale, the lawyer for the buyer must confirm that local taxes have been paid up to date. If they are, a Tax Certificate is issued, from which any adjustments can be made - usually requiring the buyer to compensate the seller for any prepaid taxes. If they are not up to date, the municipality requires that the seller pay them off from the proceeds of the sale. If there are insufficient proceeds, then it may fall upon the buyer to pay them.

Use our Mortgage Terms Glossary to learn more about mortgages and the process you’ll go through to obtain one.

Adjustments on Closing	Amortization
Appraisal	Assessment
Assignment of Interest	Assumable Mortgage
Blend and Extend	Buy-Down
Buyer's Agent	Canada Mortgage and Housing Corporation (CMHC)
Cap Rate	Closing
Closed Mortgage	Commitment Letter
Compliance Letter	Connection Charges
Conventional Mortgage	Convertible Mortgage
Credit Report	Default
Double-Up	Down Payment
Equity	Five-Percent Down Program
First Mortgage	Genworth Financial Canada
Gross Debt Service Ratio (GDS)	Hedge
High-Ratio Mortgage	Home Inspection Report
Interest Rate Differential	Lien
Loan-to-Value Ratio	Mortgage Broker
Mortgagee	Mortgage Insurance
Multiple Listing Service (MLS)	Municipal Levies
Open Mortgage	Pith
Portable Mortgage	Prepayment Privilege(s)
Prepayment Penalty	Princiapal
Refinance	Registration Fees
Simple Interest	Survey
Switch	Tax Certificate
Title Insurance	Total Debt Service Ratio (TDS)
Undertaking	Underwriting
Variable Rate Mortgage (VRM)	Verification of Employment
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