What does suite potential mean in a Saskatoon listing?

It means the seller or listing agent thinks the home could have a secondary suite added, usually in the basement. It is an opinion, not an approval. Check the rules with the City of Saskatoon, City of Warman or City of Martensville and get a realistic conversion cost before counting on rental income.

Is a basement with a separate entrance a legal suite?

Not necessarily. Whether a basement is a legal suite depends on permits and on meeting building and fire-safety requirements. Ask whether permits were issued and verify with the city.

What should I check before buying a condo in Saskatoon?

Review the bylaws, budget, financial statements, reserve fund study and meeting minutes, and ask about planned projects and special assessments. Many buyers review these documents with their lawyer during the condition period.

Does a seller's disclosure replace a home inspection?

No. A disclosure statement shares what the seller knows, while a home inspection is an independent look at the home's condition. Most buyers benefit from both.

Saskatoon Real Estate Glossary: Listing-Term Decoder

Look Up a Listing Term

Search for a word you saw in a listing or on our website, filter by topic or jump to a letter. Tap any term to see what it means, how it shows up in Saskatoon-area listings, the questions to ask and what to verify before you buy or sell.

Suite Potential

Category: Suites & Basements

Also called: suite possibility, mortgage helper potential, in-law suite potential

Plain-English definition: “Suite potential” is the seller’s or listing agent’s opinion that a home could be converted to include a secondary suite, usually in the basement. It’s a marketing description, not an approval, and it doesn’t mean a suite is legal, permitted or even possible at that address.

In a listing: “Bungalow with separate side entrance and suite potential. Great mortgage helper!”

Why it matters for buyers: If you’re counting on rental income to help pay the mortgage, the plan only works if a suite can actually be approved and built at a cost that makes sense. Zoning, permits, building code and fire-safety requirements all apply, and Saskatoon, Warman and Martensville each set their own rules, so what works in one city may not work in another.

Questions to ask:

Has anyone confirmed with the city that a secondary suite is allowed at this address?
Is there already a suite, and were permits issued for it?
What would it take to meet building and fire-safety requirements, such as exits, fire separation, windows and smoke alarms?
Do the parking, entrance and utility set-up work for two households?

What to verify:

Zoning and secondary-suite rules with the City of Saskatoon, City of Warman or City of Martensville, whichever applies
Permit history for any basement development or existing suite
A contractor’s estimate for the conversion and a home inspector’s view of the basement
With your lender, whether and how potential rental income can be counted

Next step: Found a home with “suite potential”? Send Clayton and Jessica the listing and we’ll help you work out what to check before you write an offer. Call or text Jessica at 306.241.6029.

Mortgage Helper

Category: Suites & Basements

Also called: revenue suite, income suite, rental suite

Plain-English definition: A “mortgage helper” is a part of a home, usually a basement suite or the other side of a duplex, that could be rented out so the rent helps cover your mortgage.

In a listing: “Two-bedroom basement suite, perfect mortgage helper.”

Why it matters for buyers: Rental income can make a home more affordable, but only if the suite can legally be rented and the numbers work after vacancies, repairs and insurance. A suite described as a mortgage helper isn’t automatically legal or approved.

Questions to ask:

Is the suite permitted, and is it rented now?
What is the current rent and lease arrangement, if any?

What to verify:

Permits and the suite’s status with the city or town
With your lender, how rental income is treated when you qualify
Insurance for a home with a rental unit

Separate Entrance

Category: Suites & Basements

Also called: side entrance, private entrance, separate basement entry

Plain-English definition: A separate entrance is a door, usually at the side or back of the house, that leads straight to the basement or another part of the home without going through the main living area.

In a listing: “Separate entrance to fully developed basement.”

Why it matters for buyers: A separate entrance is handy for a home office, older kids or extended family, and it’s often the first step toward a suite. On its own, though, it doesn’t make a basement a legal suite or mean it’s approved for renting, and an existing door may not meet the requirements that apply to a suite.

Questions to ask:

Does the entrance lead to a shared landing or to fully separate space?
Can the basement be locked off from the main floor for privacy?
Is the basement being used as a suite now, and were permits issued for it?
How does water drain away from the door, and how is the entry kept clear of snow and ice?

What to verify:

Permit records for the entrance and any basement development
Whether the space meets current requirements if you plan to rent it
The condition of the stairwell, door and drainage, through your home inspection

Next step: Browse all MLS® listings in the Saskatoon area, or ask Clayton and Jessica to keep an eye out for homes with separate entrances for you.

Rough-In Plumbing

Category: Suites & Basements

Also called: roughed-in plumbing, bathroom rough-in, plumbing rough-in

Plain-English definition: Rough-in plumbing means drain lines, and sometimes water lines, were installed in an unfinished area so a bathroom, wet bar or laundry can be added later. The pipes are in place, but the fixtures aren’t.

In a listing: “Unfinished basement with rough-in for a future bathroom.”

Why it matters for buyers: A rough-in can make finishing a basement easier, but it’s only a starting point. It may not be where you want the bathroom or suit the fixtures you have in mind, and finishing it usually still means permits, more plumbing, venting, electrical and finishing work. A bathroom rough-in also isn’t the same as being set up for a second kitchen.

Questions to ask:

What exactly is roughed in: toilet, shower or tub, sink, laundry?
Was it installed with a permit and inspected?
Are the openings properly capped and in good shape?

What to verify:

A good look (and photos) at the rough-in during your showing
A plumber’s estimate to finish the space the way you want
Permit requirements for the work with your city or town

Next step: Want to see the basement in person? Call or text Clayton at 306.341.4401 to book a showing.

Walkout Basement

Category: Suites & Basements

Also called: walk-out basement, walkout lower level

Plain-English definition: A walkout basement has a full-size door that opens directly onto the yard at ground level, usually because the lot slopes down toward the back.

In a listing: “Walkout basement backing onto green space.”

Why it matters for buyers: Walkouts usually bring more natural light and easy yard access, so the lower level can feel more like a main floor. Because part of the basement sits above ground at the back, grading and drainage matter even more. A walkout isn’t the same as a “walk-up,” where stairs lead up from the basement to the yard.

Questions to ask:

Is it a true walkout or a walk-up?
How does the yard drain away from the lower door and windows?
Has there ever been water in the basement?

What to verify:

Grading, drainage and door and window seals, through your home inspection
What the seller has disclosed about water or drainage

Next step: Walkouts sell for their light and yard access. If you’re after one, call or text Jessica at 306.241.6029 so we can watch for new ones with you.

Grading

Category: Home Systems & Inspections

Also called: lot grading, drainage, positive grading

Plain-English definition: Grading is the slope of the ground around a house. Good grading slopes away from the foundation so rain and spring melt run away from the home instead of toward it.

Why it matters for buyers: Poor grading is a common cause of wet basements. Snow can hide grading in winter, so it’s worth asking what the inspector could and couldn’t see.

What to verify:

Your home inspector’s notes on grading, downspouts and eavestroughs
What the seller has disclosed about water in the basement

Sump Pump

Category: Home Systems & Inspections

Also called: sump pit, sump

Plain-English definition: A sump pump sits in a pit in the basement floor and pumps out water that collects there, sending it outside, away from the foundation.

In a listing: “Sump pump with new discharge line.”

Why it matters for buyers: A working sump pump helps keep a basement dry. You’ll want to know that it runs, how old it is and where the water goes once it leaves the house.

Questions to ask:

How often does it run, and how old is it?
Where does it discharge?

What to verify:

That it works, through your home inspection and again on possession day

Sewer Line Camera Inspection

Category: Home Systems & Inspections

Also called: sewer scope, sewer camera inspection

Plain-English definition: A sewer line camera inspection runs a small camera through the pipe that carries waste from the house to the city sewer, to look for roots, cracks, sags or blockages.

Why it matters for buyers: A standard home inspection doesn’t look inside the sewer line. It’s worth considering for older homes, especially in established Saskatoon neighbourhoods like Nutana, City Park and Caswell Hill.

What to verify:

Book it during your condition period, along with your home inspection
Ask the seller about any past sewer line repairs

Bare-Land Condominium

Category: Condos

Also called: bare land condo, bare-land unit

Plain-English definition: A bare-land condominium is a type of condo where each unit is a piece of land, and the owner usually owns the home built on it too. The condominium corporation owns and manages the common property, such as roads, green space or a clubhouse, and owners pay condo fees toward it.

In a listing: “Bare-land condo bungalow. Fees include snow removal and yard care.”

Why it matters for buyers: A bare-land condo can look just like a detached house, but you’re still part of a condo corporation with bylaws, fees and the possibility of special assessments. Who looks after the roof, siding, driveway or yard depends on the corporation’s bylaws, not on how the home looks.

Questions to ask:

What do the condo fees cover, and what am I responsible for myself?
Who maintains the roof, exterior, windows and driveway?
Do the bylaws limit pets, rentals, age or renovations?

What to verify:

The bylaws, budget, financial statements, reserve fund study and meeting minutes
The corporation’s insurance and what your own policy needs to cover
Have your lawyer review the condo documents with you

Next step: Weighing a bare-land condo against a regular house? Clayton and Jessica can walk you through the trade-offs for the homes you’re looking at.

Condo Fees

Category: Condos

Also called: condo fee, monthly maintenance fee

Plain-English definition: Condo fees are the monthly amount each owner pays the condo corporation to cover shared costs, such as building insurance, snow removal, landscaping, exterior repairs, common-area utilities, property management and a contribution to the reserve fund. Some buildings also include heat, water or power.

In a listing: “Condo fees $385/month, includes heat and water.”

Why it matters for buyers: Lenders usually count part or all of the fee when working out how much you can borrow, and a low fee isn’t always a bargain if the reserve fund is short.

Questions to ask:

Exactly what does the fee include?
How has the fee changed over the last few years?

What to verify:

The current budget and fee history
That your pre-approval includes the fee

Common Property

Category: Condos

Also called: common areas, common elements

Plain-English definition: Common property is the part of a condo complex shared by all the owners rather than owned by one, such as hallways, grounds, the roof, parking areas and amenities. The condo corporation manages it on the owners’ behalf.

Why it matters for buyers: Repairs to common property are paid for through condo fees, the reserve fund or special assessments, so its condition affects your costs.

What to verify:

Which parts are common property and which are your unit, as set out in the condo documents
The condition of shared areas when you tour the building

Related: Condo Fees · Condo Bylaws · Titled Parking Stall

Condo Bylaws

Category: Condos

Also called: bylaws, condo rules

Plain-English definition: Condo bylaws are the rules of the condo corporation. They can cover pets, rentals and short-term rentals, renovations, parking, noise, smoking, barbecues and age restrictions.

Why it matters for buyers: The listing may say “pet friendly” or “rentals allowed,” but the bylaws are what actually apply. Make sure they fit how you plan to live or invest.

What to verify:

Read the current bylaws during your condition period
Check recent minutes for proposed bylaw changes

Condo Reserve Fund

Category: Condos

Also called: reserve fund, condo reserves, contingency reserve

Plain-English definition: A reserve fund is money a condominium corporation sets aside to pay for major repairs and replacements of common property, like roofs, windows, parking areas and elevators. Part of every owner’s condo fees goes into it.

In a listing: “Well-managed complex with a healthy reserve fund.”

Why it matters for buyers: If the reserve fund is too small for upcoming projects, owners may face higher fees or a special assessment after you buy. “Healthy” in a listing is an opinion; the condo documents tell the real story.

Questions to ask:

How much is in the reserve fund, and what is it planned for?
When was the last reserve fund study done, and what major projects does it show coming up?
Are any special assessments approved or being discussed?

What to verify:

The most recent reserve fund study
Financial statements and the current budget
Board and annual meeting minutes, including planned capital projects
Review the documents with your lawyer and, where helpful, an accountant

Next step: Looking at a condo? Call or text Jessica at 306.241.6029 and we’ll help you request and understand the documents before you commit.

Reserve Fund Study

Category: Condos

Also called: reserve study

Plain-English definition: A reserve fund study lists the major parts of a condo property, such as the roof, windows, siding, boilers or parkade, estimates how long each will last and how much it will cost to replace, and recommends how much the corporation should save.

Why it matters for buyers: Comparing the study with the actual reserve fund balance shows whether the corporation is on track or may need to raise fees or charge a special assessment.

What to verify:

The date of the most recent study
Big projects coming up in the next few years, and whether the fund can cover them

Related: Condo Reserve Fund · Special Assessment

Special Assessment

Category: Condos

Also called: special levy, condo assessment

Plain-English definition: A special assessment is a one-time charge a condo corporation bills to owners, on top of regular condo fees, usually to pay for a repair or project the reserve fund can’t fully cover.

In a listing: “Special assessment for roof replacement to be paid by seller.”

Why it matters for buyers: A special assessment can be a significant cost. Whether the buyer or the seller pays it depends on when it was approved and what your purchase contract says, so it needs to be dealt with before your offer is firm.

Questions to ask:

Are any special assessments approved, proposed or being discussed?
Who pays under the terms of my offer?
Does the reserve fund look adequate for the projects ahead?

What to verify:

Meeting minutes, the reserve fund study and financial statements
That your contract clearly says who is responsible for any assessment
Review with your lawyer before your conditions are removed

Next step: Spotted an assessment in a listing? Ask Clayton and Jessica what it could mean for your offer.

Information Certificate

Category: Condos

Also called: condo certificate

Plain-English definition: An information certificate is a document from the condo corporation confirming details about a unit, such as the monthly fee, any unpaid fees on the unit, the reserve fund and any special assessments or legal actions.

Why it matters for buyers: It’s one of the key condo documents to review before your offer is firm. Sellers may be charged a fee by the corporation to provide it.

What to verify:

Review it with your lawyer along with the bylaws, budget and minutes

Related: Condo Bylaws · Special Assessment · Condo buying guide

Titled Parking Stall

Category: Condos

Also called: titled stall, assigned stall, parking unit

Plain-English definition: In a condo, a titled parking stall has its own title, much like the unit itself. An assigned stall is common property the corporation sets aside for your use. Some stalls are simply shared common parking.

In a listing: “One titled heated underground stall plus storage locker.”

Why it matters for buyers: How the stall is held affects what you’re actually buying and whether it can change. In Saskatoon winters, ask whether it’s heated or has a plug-in.

What to verify:

How the stall and storage are held, through the title search and condo documents

Related: Common Property · Title Search

Pre-Approval

Category: Mortgages & Money

Also called: mortgage pre-approval

Plain-English definition: A pre-approval is a lender’s or mortgage broker’s early review of your income, debts and credit that tells you roughly how much you can borrow. It isn’t final approval.

Why it matters for buyers: It sets your budget and makes your offers stronger. Before final approval, your lender still reviews the specific property and confirms your details.

Questions to ask:

Does my pre-approval cover the type of home I want, like a condo, acreage or home with a suite?
What does the lender still need for final approval?

Down Payment

Category: Mortgages & Money

Plain-English definition: The down payment is the part of the purchase price you pay yourself; your mortgage covers the rest. In Canada, the minimum is 5% of the first $500,000 and 10% of any amount above that, on homes under $1.5 million.

Why it matters for buyers: With less than 20% down, your mortgage must be insured. Rules change, so confirm the current minimums with your mortgage broker.

Questions to ask:

Where will my down payment come from: savings, an FHSA, my RRSP or a gift?

Mortgage Default Insurance

Category: Mortgages & Money

Also called: CMHC insurance, mortgage loan insurance, insured mortgage

Plain-English definition: Mortgage default insurance protects the lender if a borrower can’t pay. It’s required when your down payment is less than 20%, and the premium is usually added to your mortgage.

Why it matters for buyers: In Saskatchewan, PST is charged on the premium and must be paid in cash at closing, so include it in your closing cost budget.

What to verify:

The premium and PST amount with your lender and lawyer

Related: Down Payment · Closing Costs · Mortgage calculator

Amortization

Category: Mortgages & Money

Also called: amortization period

Plain-English definition: Amortization is the total time it would take to pay off your mortgage if you kept making the same regular payments, for example 25 years. It’s different from your mortgage term, which is how long your current rate and contract last before renewal.

Why it matters for buyers: A longer amortization lowers your payment but means more interest over time. First-time buyers with an insured mortgage can choose a 30-year amortization.

Mortgage Stress Test

Category: Mortgages & Money

Also called: qualifying rate

Plain-English definition: The stress test is a qualifying rule that checks whether you could still afford your mortgage payments at an interest rate higher than the one you actually get.

Why it matters for buyers: It can lower the amount you qualify for, so it’s built into your pre-approval budget.

What to verify:

The rate your lender used to qualify you

Related: Pre-Approval · Mortgage calculator

Deposit

Category: Mortgages & Money

Plain-English definition: A deposit is money a buyer pays once their offer is accepted. It’s held in trust and credited toward the purchase price on possession day.

Why it matters for buyers: It shows the seller you’re serious. What happens to it if the deal doesn’t go ahead depends on your contract and its conditions.

Questions to ask:

How much is the deposit and when is it due?

What to verify:

The deposit terms written in your contract

Related: Down Payment · Conditional Offer

Closing Costs

Category: Mortgages & Money

Also called: buying costs

Plain-English definition: Closing costs are the one-time costs on top of your down payment, such as legal fees and disbursements, the title transfer and mortgage registration fees, PST on mortgage insurance, adjustments, your home inspection and moving.

Why it matters for buyers: A good rule of thumb is to set aside about 1.5% to 2% of the purchase price. Your lawyer and lender confirm the exact amounts before possession.

Adjustments

Category: Mortgages & Money

Also called: statement of adjustments, tax adjustment

Plain-English definition: Adjustments split costs like property taxes, condo fees and some utilities between the buyer and seller as of possession day, so each side pays only for their own time in the home.

Why it matters: Adjustments can add to or reduce the cash you need at closing, or what a seller walks away with.

What to verify:

The statement of adjustments from your lawyer

Related: Closing Costs · Possession Date

Disbursements

Category: Mortgages & Money

Plain-English definition: Disbursements are out-of-pocket costs your lawyer pays on your behalf and bills to you, such as registration and search fees, on top of their legal fee.

Why it matters: A legal quote that leaves them out can look cheaper than it is.

What to verify:

Ask your lawyer for a quote that includes disbursements

Related: Closing Costs · Title Transfer Fee

Title Transfer Fee

Category: Mortgages & Money

Also called: land titles fee, ISC fee, land transfer tax

Plain-English definition: Saskatchewan has no land transfer tax. Instead, the buyer pays a fee to ISC (Information Services Corporation), which runs the land titles registry, to transfer the title into their name, plus a fee to register the mortgage.

Why it matters for buyers: It’s part of your closing costs, and your lawyer will include it in your statement.

First Home Savings Account (FHSA)

Category: Mortgages & Money

Also called: FHSA

Plain-English definition: An FHSA is a registered savings account for first-time buyers. You can save up to $8,000 a year, to a $40,000 lifetime limit, with a tax deduction going in and tax-free withdrawals for your first home.

Why it matters for buyers: It can help you build your down payment faster. Rules and limits change, so confirm your eligibility with your mortgage broker or accountant.

RRSP Home Buyers’ Plan

Category: Mortgages & Money

Also called: HBP, Home Buyers Plan

Plain-English definition: The Home Buyers’ Plan lets eligible buyers withdraw up to $60,000 from their RRSP tax-free toward a home, then repay it over 15 years.

Why it matters for buyers: It can be combined with other savings for your down payment. Confirm the current rules and repayment details with your accountant or mortgage broker.

Equity

Category: Mortgages & Money

Also called: home equity

Plain-English definition: Equity is the part of your home you own outright: its market value minus what you still owe on your mortgage.

Why it matters: Equity grows as you pay down your mortgage and if your home’s value rises, and it’s often what funds the down payment on your next home.

Prepayment Penalty

Category: Mortgages & Money

Also called: mortgage penalty, discharge fee, payout penalty

Plain-English definition: A prepayment penalty is a charge some lenders apply if you pay off or break your mortgage before the end of its term, for example when you sell partway through. Lenders may also charge a separate discharge fee.

Why it matters for sellers: It comes out of your sale proceeds, so it’s worth knowing the amount before you list.

What to verify:

A payout statement from your lender, and whether you can move your mortgage to your next home

Conditional Offer

Category: Offers & Closing

Also called: conditions, condition removal, going firm, firm sale

Plain-English definition: A conditional offer only becomes binding once the conditions written into it, such as financing, a home inspection or a review of condo documents, are satisfied and removed by their deadlines. Once all conditions are removed, the deal is “firm.”

In a listing: “Conditionally sold.”

Why it matters: Conditions protect buyers while they check out the home, and sellers weigh them when comparing offers.

Questions to ask:

Which conditions do I need for this property?
How many days do I need for each one?

Counter-Offer

Category: Offers & Closing

Also called: counter

Plain-English definition: A counter-offer is a reply to an offer that changes some of its terms, such as price, conditions or possession date. The other side can accept it, counter back or let it expire.

Why it matters: Negotiating through counter-offers is normal. Watch the expiry time on each one.

Related: Conditional Offer · Comparables

Comparables

Category: Offers & Closing

Also called: comps, sold comparables

Plain-English definition: Comparables are recently sold and active homes that are similar in size, age, condition and location to the one you’re buying or selling. They’re used to judge a fair price.

Why it matters: They guide the price on an offer and the list price on a sale, based on what homes actually sold for rather than guesses.

Inclusions

Category: Offers & Closing

Also called: inclusions and exclusions, chattels

Plain-English definition: Inclusions are items that stay with the home as part of the sale, such as appliances, window coverings and light fixtures, as written in the contract. Exclusions are items the seller is taking with them.

In a listing: “Includes fridge, stove, washer, dryer and all window coverings.”

Why it matters for buyers: If it isn’t written in the contract, don’t assume it stays.

Related: Possession Day Checklist · Possession Date

Subject to Financing

Category: Offers & Closing

Also called: financing condition, conditional on financing

Plain-English definition: “Subject to financing” is a condition in an offer that gives the buyer time to get mortgage approval for that specific home before the deal becomes firm. If financing can’t be arranged by the deadline, the condition gives the buyer a way out under the terms of the contract.

In a listing: “Conditionally sold, subject to financing.”

Why it matters for buyers: A pre-approval isn’t final approval. Your lender still reviews the property itself, and some homes, like condos, acreages or homes with suites, can take extra steps. The deadline matters, and sellers may compare conditional offers with firm ones.

Questions to ask:

How many days does my lender need for this property?
Has my pre-approval been reviewed for this type of home?
What happens if the deadline passes before I have approval?

What to verify:

Your approval details with your lender or mortgage broker
The exact condition wording and dates in your contract, with your REALTOR® and lawyer

Next step: Not pre-approved yet? Start with the mortgage calculator, then talk to Clayton and Jessica about timing your offer.

Possession Date

Category: Offers & Closing

Also called: possession day

Plain-English definition: The possession date is the day set out in the purchase contract when the buyer takes possession of the home and gets the keys.

In a listing: “Possession: flexible” or “Quick possession available.”

Why it matters for buyers: Your possession date drives your move, the end of a lease or the sale of your current home, and when your utilities and insurance need to start. The exact time you get the keys depends on your contract and on the lawyers completing the transaction, so it isn’t always first thing in the morning. “Flexible” means the seller is open to discussing dates, not that any date will work.

Questions to ask:

What possession date does the seller prefer?
What time of day can I expect the keys?
What happens if closing is delayed?

What to verify:

The date written in your purchase contract
With your lawyer, how and when keys will be released
That insurance and utilities are set up for possession day

Next step: Use the free possession day checklist when you get the keys.

Property Condition Disclosure Statement

Category: Offers & Closing

Also called: PCDS, property disclosure, seller’s disclosure

Plain-English definition: A Property Condition Disclosure Statement is a form where the seller answers questions about what they know of the property’s condition and history, such as water in the basement, renovations, permits or past insurance claims.

In a listing: “PCDS available upon request.”

Why it matters for buyers: It’s a useful starting point, but it reflects the seller’s knowledge and memory. It isn’t an inspection or a guarantee, and some answers may be “unknown,” especially for estate sales or sellers who never lived in the home.

Questions to ask:

Is there a disclosure statement, and when was it completed?
Are there “unknown” answers we should look into?
Were renovations done with permits?

What to verify:

Read the statement before your offer or during your condition period
Have a professional home inspection done
Ask your lawyer about anything that concerns you

Next step: Want a second set of eyes on a disclosure? Send it to Clayton and Jessica and we’ll go through it with you.

Buyer’s Agent

Category: Buying & Selling

Also called: buyer’s REALTOR®, listing agent, seller’s agent

Plain-English definition: A buyer’s agent is a REALTOR® who represents the buyer. The listing agent represents the seller. Each works for their own client’s interests.

Why it matters for buyers: Your own agent helps you find homes, research what similar homes sold for, negotiate and track deadlines. In most Saskatoon sales, the buyer’s agent is paid from the seller’s proceeds, and Clayton and Jessica explain exactly how their compensation works before you start.

MLS® System

Category: Buying & Selling

Also called: MLS®, Multiple Listing Service®

Plain-English definition: The MLS® System is the database of properties listed for sale by REALTORS®. Listings on it are shared with other REALTORS® and their buyers.

Why it matters: Your buyer’s agent can show you any home listed on the MLS® System, no matter which brokerage listed it.

Related: Search all MLS® listings · New listings

Listing Agreement

Category: Buying & Selling

Also called: listing contract

Plain-English definition: A listing agreement is the contract between a seller and a brokerage that allows the REALTOR® to market and sell the home. It sets out the commission, the length of the listing and what’s included.

Why it matters for sellers: Read it before you sign. With Trusted Realty there are no upfront fees, and you can cancel the listing contract at any time.

Principal Residence Exemption

Category: Buying & Selling

Also called: capital gains on a home

Plain-English definition: The principal residence exemption generally means you don’t pay capital gains tax when you sell a home that was your principal residence for every year you owned it. The sale still has to be reported on your tax return.

Why it matters for sellers: Rental and investment properties are treated differently. Check your situation with your accountant.

Title Search

Category: Lot & Land

Also called: land titles search, title

Plain-English definition: A title search is your lawyer’s check of the land titles registry to confirm who owns the property and what’s registered against it, such as mortgages, easements and other interests.

Why it matters for buyers: It helps make sure you get clear title, with any issues dealt with before you take possession.

Related: Easement · Caveat · Title Transfer Fee

Easement

Category: Lot & Land

Also called: utility easement, right of way

Plain-English definition: An easement gives someone else, often a utility company or a neighbour, the right to use part of a property for a specific purpose, such as running power lines or pipes or providing access.

Why it matters for buyers: You may not be able to build a garage, deck or fence over an easement, so it can affect your plans for the yard.

What to verify:

Registered easements, through your lawyer’s title search
Where they sit on the lot, using a survey or Real Property Report if available

Related: Encroachment · Title Search · Reverse-Pie Lot

Caveat

Category: Lot & Land

Also called: registered interest, interest on title

Plain-English definition: A caveat is a notice on a property’s title that someone other than the owner claims a right or interest in it. In Saskatchewan these are generally registered as interests on the title.

Why it matters for buyers: Some interests are routine and others need to be cleared before closing. Your lawyer will explain what each one means.

Encroachment

Category: Lot & Land

Also called: boundary encroachment, property line encroachment

Plain-English definition: An encroachment is when something on one property extends over the property line onto a neighbour’s land, city land or an easement. It could be a fence, deck, shed, driveway or even part of a building, and it can go either way: from the home you’re buying or onto it.

In a listing: Encroachments rarely appear in the listing itself. They usually come up in a survey or Real Property Report, or during your lawyer’s review.

Why it matters for buyers: Some encroachments are minor, while others may need to be removed, fixed or covered by an agreement. They can affect your financing, your plans for the yard and your relationship with the neighbours.

Questions to ask:

Is there a survey or Real Property Report for the property?
Are the fences, sheds, decks and garage inside the property lines?
Has anything been built or added since the last survey?

What to verify:

The survey or Real Property Report, if one is available
The title search and any registered easements, with your lawyer

Next step: Questions about a fence line or shed? Call or text Jessica at 306.241.6029 before you write your offer.

Reverse-Pie Lot

Category: Lot & Land

Also called: reverse pie-shaped lot, wedge lot, pie lot

Plain-English definition: A reverse-pie lot is wider at the front, along the street, and narrower at the back. It’s the opposite of a pie lot, which starts narrow at the street and widens toward the back. You’ll often find them on the outside of a curve or around a bay.

In a listing: “Reverse-pie lot with extra-wide frontage and a triple garage.”

Why it matters for buyers: More frontage can mean a wider driveway or bigger garage, but the backyard is usually smaller and tighter. That matters if you have kids or pets, love to garden, or want to add a deck or garage later.

Questions to ask:

How big is the backyard, and what fits there?
Which way does the backyard face for sun?
Are there easements that limit what I can build?

What to verify:

Lot dimensions from the listing or a survey
Walk the yard at your showing
Any easements or restrictions, with your lawyer

Next step: Big yard or big garage? Take the Find Your Home Match Quiz to see which homes fit how you live.

Rural Municipality (RM)

Category: Acreages & Rural

Also called: RM, RM of Corman Park

Plain-English definition: A rural municipality, or RM, is the local government for rural areas outside cities, towns and villages. The RM of Corman Park, for example, surrounds Saskatoon.

Why it matters for buyers: The RM sets zoning, subdivision and building rules for acreages, including livestock, home businesses, new buildings and secondary dwellings. It also handles rural property taxes and often road maintenance.

What to verify:

Contact the RM directly to confirm the rules for the specific property and your plans

Country Residential

Category: Acreages & Rural

Also called: country residential subdivision, acreage subdivision

Plain-English definition: “Country residential” usually describes rural lots meant mainly for homes rather than farming, often grouped in acreage subdivisions just outside a city. The exact rules depend on the RM’s zoning.

In a listing: “Treed country residential acreage minutes from Saskatoon.”

Why it matters for buyers: Zoning affects whether you can keep animals, run a business or add buildings.

Cistern

Category: Acreages & Rural

Plain-English definition: A cistern is a storage tank, usually underground, that holds a home’s water supply. It may be filled by water delivery, a rural pipeline or another source.

Why it matters for buyers: You’ll want to know how the cistern is filled, what it costs and how it’s maintained.

What to verify:

The water source and a year of water costs
A water quality test as a condition of your offer

Well Flow Test

Category: Acreages & Rural

Also called: well yield test, flow rate test

Plain-English definition: A well flow test measures how much water a well can supply over time, to make sure there’s enough for the household.

Why it matters for buyers: Along with a water quality test, it’s one of the most important checks on an acreage with a well.

What to verify:

Make your offer conditional on water testing and, ideally, a flow test
Ask the seller for past test results and well records

Related: Cistern · Septic System · Conditional Offer

Septic System

Category: Acreages & Rural

Also called: onsite wastewater system, septic tank, septic field

Plain-English definition: A septic system treats and disposes of a home’s wastewater on the property when there’s no city sewer, usually with a tank and a field or other treatment system.

Why it matters for buyers: Repairs or replacement can be costly. Onsite wastewater systems in Saskatchewan require permits.

What to verify:

The system’s age, pumping history and permit or installation records
A qualified septic inspection during your condition period

Related: Cistern · Well Flow Test · Acreage buyer’s guide

Grid Road

Category: Acreages & Rural

Also called: gravel road, municipal road

Plain-English definition: A grid road is a rural road, often gravel, that follows the survey grid between sections of land. Grid roads are usually maintained by the RM.

Why it matters for buyers: Road type affects your commute, your vehicle and winter access.

Questions to ask:

Who clears the road, and how soon after a storm?

Shelterbelt

Category: Acreages & Rural

Also called: windbreak, tree belt

Plain-English definition: A shelterbelt is a row or band of trees planted around a yard site to block wind and catch drifting snow.

In a listing: “Mature shelterbelt on all sides.”

Why it matters for buyers: A healthy shelterbelt adds privacy and winter protection, while dying or overgrown trees can mean upkeep.

Saskatoon Real Estate Listing-Term Decoder

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Listing-Term FAQ

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