Tenants in Common
A form of ownership where each owner has a separate and divisible interest in the property. Tenants in common are each issued a separate title reflecting their ownership, and they may hold unequal interests in the property. One party may sell without the permission of the other(s), and there is no right of survivorship.

Term
The period of time the financing agreement covers. The terms available are: 6 month, 1,2,3,4,5,6,7,10 year terms, and the interest rates will be fixed for whatever term once chooses.

Total Debt Service (TDS) Ratio
It is the other mathematical calculations used by lenders to determine a borrower's capacity to repay a mortgage. It takes into account the mortgage payments, property taxes, approximate heating costs, and 50% of any maintenance fees, and any other monthly obligations (i.e. personal loans, car payments, lines of credit, credit card debts, other mortgages, etc.), and this sum is then divided by the gross income of the applicants.

Transfer Tax
A tax payable to the Provincial Government by the purchaser upon the transfer of title from the seller. Depending where you are, this is called a Land Transfer Tax, Property Transfer Tax, Land Transfer & Mortgage Registration Fee, or Deed Transfer Tax.