Glossary

Part of the real estate which support the improvements, namely: the buildings, the yard improvements and the infrastructure needed for their operation. Strictly speaking, land is also a real estate.

Area on ground level of the horizontal projection of the building, with the exception of underground part of the building, a balcony, a porch, a terrace, a step, a cornice, an exterior stairway, an exterior ramp and an open loading platform. If one of these constructions is built on closed foundations, it must be included in this area.

The land register contains one land book for each registration division in Québec. Each land book contains an index of immovables, a register of real rights of State resource development, a register of public service networks and immovables situated in territory without a cadastral survey and an index of names. The index of names comprises all the entries that cannot be made in the index of immovables or the other registers kept by the Land Registrar.

Quantitative ratio between the ground area occupied by a building in relation with that of the piece of land upon which it is built (in percentage).

Net area of the premises plus common area relative percentage.

The lease is a contract by which a person, the lessor, undertakes to provide another person, the lessee, in return for a rent, with the enjoyment of a movable or immovable property for a certain time. The term of a lease is fixed or indeterminate. The lessor is bound to deliver the leased property to the lessee in a good state of repair in all respects and to provide him with peaceable enjoyment of the property throughout the term of the lease. He is also bound to warrant the lessee that the property may be used for the purpose for which it was leased and to maintain the property for that purpose throughout the term of the lease. The lessee is bound to pay the agreed rent and to use the property with prudence and diligence during the term of the lease.

Improvements, installations and additions physically attached to the immovable made either by the landlord or the tenant to the leased premises. These include all permanent partitions, lighting and plumbing fixtures, carpeting and items that may be moved without damaging the rented premises, with the exception of furniture and movable partitions.

The acronym LEED comes from “Leadership in Energy and Environmental Design”, designation from the U.S. Green Building Council (www.usgbc.org) In Canada, the Green Building Council of Canada is the only organization able to attribute a LEED certification. There are different construction types, including “NC” for new construction, and “EB” for existing building. In addition, there are four levels of LEED certifications: certified, silver, gold and platinum, depending on the number of points obtained in each category of criteria. Building whose design, construction and use are designed to reduce harm to the environment. The use of environmentally friendly or recycled materials, solar cells, building orientation depending on the natural light, recycling of rainwater are all factors that characterize a green building.

The description of real estate (property) used to identify real estate in legal transactions.

Document authorizing relinquishment to another of a right, title or claim.

The use of debt financing of an investment to maximize the return per dollar of equity invested

A liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.

May be analyzed as either a forced liquidation or an orderly liquidation and is a commonly sought standard of value in bankruptcy proceedings. It assumes a seller who is compelled to sell after an exposure period which is less than the market-normal timeframe.

Ability to quickly convert an investment portfolio to cash with little or no loss in value.

An arrangement in which a lender gives money or property to a borrower, and the borrower agrees to return the property or repay the money, usually along with interest, at some future point(s) in time. Usually, there is a predetermined time for repaying a loan, and generally the lender has to bear the risk that the borrower may not repay a loan.

Place chosen to erect a construction or is occupied by a building.

The low-rent housing program was set up in 1969 as part of a Canada-Quebec framework agreement on public housing. Created during a housing shortage, the program aimed initially to provide municipalities with housing solutions for their citizens, many of whom were displaced by major urban renewal at the time (particularly in Montreal). Later, in the eighties and nineties, rules for granting housing were clarified and modified so that low-rent homes today are reserved for people with low incomes. As soon as the program was launched, the city of Montreal decided to take part and entrusted the OMHM with managing new homes being constructed. Tenants in this program pay a rent equalling 25% of their income, plus additional fees for electricity and, if needed, a parking space or air conditioner. The operating deficit for such housing is covered by the federal government (55%), provincial government (35%) and CMM (10%).