Calgary real estate definitions

Plain-language explanations of the terms that come up in every Calgary real estate transaction — written by REALTOR® Ryan Van Spengen with a focus on Alberta law and the Calgary market.

Financing & transaction terms

• What is a bridge loan?
• What does "subject to conditions" mean?
• What is a possession date?
• What are net proceeds?
• What is a holdback?
• What is a bully offer?

Listings & representation

• What is an MLS listing?
• What is a listing agreement?
• What is a buyer representation agreement?
• What is a Comparative Market Analysis (CMA)?
• What is days on market (DOM)?
• REALTOR® vs real estate agent — what's the difference?

Inspections, reports & insurance

• What is a Real Property Report (RPR)?
• What is a home inspection?
• What is a home appraisal?
• What is title insurance?
• What is a land title search?
• What is a condo reserve fund?

Alberta family & property law

• What are Dower rights in Alberta?
• What is the Matrimonial Property Act?
• What is an Adult Interdependent Partner (AIP)?
• What is joint tenancy?
• What is tenants in common?
• What is the Wills and Succession Act?

Estate & probate terms

• What is a grant of probate?
• What is a grant of administration?
• What is deemed disposition?
• What is a Graduated Rate Estate (GRE)?

Tax terms

• What is the Principal Residence Exemption (PRE)?
• What is adjusted cost base (ACB)?