Alberta Real Estate Terms: A Plain-Language Buyer FAQ
Buying in Calgary or Edmonton? Start with these 17 plain-language real estate terms.
WHAT IS A DOWN PAYMENT?
The portion of the purchase price you pay yourself rather than borrow through your mortgage. Budget closing costs separately.
WHAT IS A DEPOSIT?
Money paid under the purchase contract, normally credited toward your purchase. Timing and refund rights depend on the contract.
WHAT ARE CLOSING COSTS?
Expenses beyond the purchase price, such as legal fees, title-transfer fees and property-tax adjustments.
WHAT ARE CONDO FEES?
Regular contributions paid by owners toward the condominium corporation's shared expenses.
WHAT ARE CONDOMINIUM DOCUMENTS?
Records such as budgets, financial statements, bylaws, meeting minutes and reserve-fund reports. Review them before buying.
WHAT IS AN APPRAISAL?
A professional assessment of a property's market value. It is different from a home inspection.
WHAT IS A COMPARATIVE MARKET ANALYSIS?
An agent's price estimate using comparable local sales to help evaluate a listing or offer.
WHAT IS MORTGAGE PRINCIPAL?
The amount borrowed or still owed, excluding future interest.
WHAT IS AMORTIZATION?
The estimated time needed to repay the mortgage. It is usually longer than a single mortgage term.
WHAT IS A MORTGAGE TERM?
The period covered by your mortgage contract. A remaining balance normally requires renewal or repayment when it ends.
WHAT IS A FIXED INTEREST RATE?
A rate that stays unchanged during the mortgage term.
WHAT IS A VARIABLE INTEREST RATE?
A rate that can change during the term. Payment arrangements depend on the mortgage product.
WHAT IS A PREPAYMENT PENALTY?
A charge that may apply when you break a mortgage early or exceed permitted extra payments.
WHAT IS MORTGAGE DEFAULT INSURANCE?
Insurance protecting the lender if you default. It is not insurance protecting your belongings or home.
WHAT IS A MORTGAGE PRE-APPROVAL?
An initial lender review, not final financing approval for a specific property.
WHAT IS A CONDITIONAL OFFER?
An offer with written conditions and deadlines that must be addressed under the contract.
WHAT ARE PROPERTY TAXES?
Municipal charges paid by property owners to support local services.
General education only. Confirm contract questions with your lawyer and financing with a licensed mortgage professional. Sources: RECA glossary and FCAC mortgage guidance.
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REALTOR®Before real estate, I spent years as a Department Head and Machinist in the hydraulic industry — a background in Mechanical Engineering/Millwright technology that shaped how I work today: analytical, detail-oriented, and allergic to cutting corners.
I'm a REALTOR® with RE/MAX Complete Realty, serving Calgary, Edmonton, and the surrounding communities across Alberta — and proud to offer service in Gujarati as well as English for clients who are more comfortable in their first language.
Since going full-time in real estate, I've closed 60+ homes in three years and was ranked #9 among RE/MAX Complete Realty's Top Producers in 2025. My approach is simple: honest advice, complete numbers, no pressure, no partial truths. I won't tell you to buy just because prices "always go up," and I won't push you toward a home that stretches your budget past what makes sense.
Whether you're a first-time buyer figuring out where to start, an investor running the numbers, or a family relocating from Ontario or BC into a market you've never lived in — I bring the same thing to every client: straight answers and a plan that actually fits your life.
Connecting you to your dream home — honestly, and on your terms.