Real Estate Lingo—Decoded! A Simple Guide for Alberta Buyers & Sellers

Whether you're buying your first home or selling your current one, stepping into the world of real estate can feel like learning a new language. Between acronyms, legal terms, and industry jargon, it’s easy to feel overwhelmed. So, let’s break down some of the most common real estate terms used here in Alberta in plain English—no dictionary required.

1. MLS® (Multiple Listing Service)

What it means: This is the big database where homes for sale are listed and shared among Realtors.

Why it matters: It gives buyers access to most available homes and helps sellers get maximum exposure.

2. RPR (Real Property Report)

What it means: A legal document prepared by a land surveyor that shows the boundaries of a property and any structures (like the house, garage, or fence).

Why it matters: Sellers are typically required to provide an updated RPR with municipal compliance to show the property follows local rules. It can make or break a deal.

3. Title (or Land Title)

What it means: A legal document that proves who owns the property.

Why it matters: Before buying, your Realtor or lawyer will check the title to make sure there are no surprises—like liens or legal claims.

4. Conditional Sale

What it means: The buyer has made an offer that the seller accepted, but it comes with conditions (like financing, home inspection, or condo document review).

Why it matters: The deal isn’t final until the conditions are waived or satisfied—so it's still “pending.”

5. Firm Sale

What it means: All conditions have been met. The sale is official and binding.

Why it matters: Time to get ready for possession day—this deal is locked in!

6. Deposit

What it means: Money the buyer puts down (usually right after offer acceptance) to show they’re serious.

Why it matters: It’s held in trust until the deal closes and goes toward the purchase price.

7. Possession Day

What it means: The day the buyer officially takes ownership and gets the keys.

Why it matters: This is the big day! The property legally changes hands.

8. Chattels vs. Fixtures

What it means:

Chattels are movable items (like a fridge or washer).

Fixtures are things attached to the home (like light fixtures or built-in shelving).

Why it matters: What stays with the house and what goes is spelled out in the offer. Don’t assume!

9. Buyer’s Market vs. Seller’s Market

What it means:

Buyer’s Market: More homes for sale than buyers = more negotiating power for buyers.

Seller’s Market: Fewer homes, more buyers = competition and higher prices.

Why it matters: Knowing what kind of market we’re in helps you make the right strategy—whether you’re buying or selling.

10. Condo Documents

What it means: Paperwork that includes documents such as financials, bylaws, and reserve fund details for a condo building.

Why it matters: Reviewing these gives buyers the full picture of how the building is run and if any big expenses are coming.

Final Thoughts:

Real estate doesn’t have to be confusing. A good REALTOR® will walk you through every step and translate the industry speak into clear, confident decisions.

Have another term you’re unsure about? Just ask—I'm here to help make the process simple and stress-free.

Looking to buy or sell in Edmonton or surrounding areas? Let’s chat! I specialize in guiding first-time buyers and growing families through the process, without the jargon.

Breanne Bradley

Blackmore Real Estate

📞 (780) 977-7198

📧 breanne@blackmorerealestate.ca