Glossary

Building comprising premises used for professional and administrative purposes.

Flood, based on an analysis of precipitation, snow melt, or a combination thereof, having a return period of 100 years on average, or having a 1% chance of occurring or being exceeded in any given year.

A mortgage which you can pay off, renew or refinance at any time. The interest rate for an open mortgage is usually higher than a closed mortgage rate.

The overall capitalization rate (OCR) is defined as an income rate for the total property that reflects the relationship between a stabilized single year’s net operating income expectancy and total price or value. Implicit in the definition is that the estimated single year’s net operating income is not constant throughout the investment period.

1° The person who holds the right of ownership to an immovable, except in the case provided for in paragraph 2, 3 or 4; 2° The person who possesses an immovable in the manner described in article 922 of the Civil Code, except in the case provided for in paragraph 3 or 4; 3° The person who possesses an immovable as, institute of a substitution or emphyteutic lessee, or, where the immovable is land in the domain of the State, the person who occupies it under a promise of sale, occupation licence or location ticket; 4° The person who possesses an immovable as usufructuary otherwise than as a member of a group of usufructuaries each having a right of enjoyment periodically and successively in the immovable.

Ownership is the right to use, enjoy and dispose of property fully and freely, subject to the limits and conditions for doing so determined by law. Ownership may be in various modes and dismemberments Ownership of property gives a right to what it produces and to what is united to it, naturally or artificially, from the time of union. This right is called a right of accession. The fruits and revenues of property belong to the owner, who bears the costs he incurred to produce them.