All the important stuff in one place

The legal contract between buyer and seller, which becomes binding once both sides have signed and every condition has been removed. Your lawyer should review it before you sign.

The total time you'll take to pay off your mortgage, typically 25 or 30 years. First-time buyers can get a 30-year amortization even with less than 20% down, which lowers the monthly payment. It's separate from your mortgage term, which usually runs one to five years.

A short-term loan that lets you close on your new home before the money from selling your current one comes in, which helps when the two closing dates don't line up. Most Ottawa lenders won't approve it until your sale is firm.

Mortgage default insurance required when your down payment is less than 20%, which protects the lender while letting you buy with less money down.

The day the title passes from seller to buyer and the buyer takes possession, which is when the lawyers finalize the documents and the money changes hands.

A report your agent prepares showing what similar homes have sold for recently, which is the basis for setting a listing price or writing a competitive offer.

A clause in the offer that has to be satisfied before the deal is firm, most commonly financing (mortgage approval) or a home inspection. If a condition isn't met, you can usually walk away.

A good-faith payment the buyer makes when an offer is accepted, which is held in trust and counts toward the down payment. It's most often 2 to 3% of the purchase price and sometimes as low as 1%, although a larger deposit can strengthen an offer when you're competing. In the offers I write, it's due one business day after acceptance instead of the standard 24 hours.

The part of the purchase price you pay up front in cash (at least 5% in Canada), with the rest financed through your mortgage.

A registered account that lets first-time buyers save up to $40,000 toward a home, with tax-deductible contributions (like an RRSP) and tax-free qualifying withdrawals (like a TFSA).

A federal tax credit worth up to $1,500 for eligible first-time buyers, claimed on your income tax return the year you buy.

You own the building and the land it sits on, so there are no condo fees, although all the maintenance, insurance and repairs are yours to handle.

A program that lets first-time buyers withdraw up to $60,000 from their RRSP ($120,000 for a couple) toward a home purchase without paying tax, which you then repay to your RRSP over 15 years.

The window after you submit an offer during which you can't withdraw it, which the seller uses to accept, reject or counter.

A provincial tax paid by the buyer at closing, calculated as a percentage of the purchase price. First-time buyers in Ontario may qualify for a rebate up to $4,000.

The listing price is what the seller asks for, whereas the sale price is what a buyer actually agreed to pay, which is often a different number. Reading that gap is a big part of pricing strategy.

The database REALTORS® use to list and search for properties, which is where most of the listings on real estate websites come from.

The length of your current mortgage agreement, typically one to five years, after which you renew at the rates of the day. It's separate from your amortization, which is the full time it takes to pay the mortgage off.

A lender's commitment, based on your verified income and credit, to lend you up to a specific amount, which makes it more reliable than a pre-qualification and the first thing to get before you start looking.

A package for condo purchases that sets out the financial and legal health of the condo corporation, including the reserve fund, any special assessments and the bylaws, which your lawyer reviews before your condition clears.

Insurance that protects you and your lender against problems with the property's title, such as fraud, encroachments or survey errors, for a one-time cost that typically runs $300 to $800.