Saskatchewan home selling glossary
Plain-language definitions of the terms you will hear when selling a house or land in Saskatchewan, from cash offers and assignments to probate, title and foreclosure.
Selling and offers
- As-is sale
- Selling a property in its current condition, without the seller making repairs, cleaning or upgrades first. The price reflects the work the buyer will take on.
- Cash offer
- An offer where the buyer does not need mortgage approval to complete the purchase. It can still have other conditions, such as an inspection or title review, so read the whole agreement.
- Direct sale
- Selling straight to a buyer such as a property company, instead of listing the house on the open market with an agent.
- Listing
- Marketing a property for sale through a real estate agent, usually on MLS. A listing can reach many buyers and may bring a higher price, but it often involves preparation, showings and commission.
- Market value
- The price a property would likely sell for on the open market, with typical exposure and a willing buyer and seller. A direct as-is offer is usually below market value because the buyer takes on repairs, costs and risk.
- After-repair value (ARV)
- An estimate of what a property could sell for once needed repairs and updates are done, usually based on recent comparable sales.
- Comparable sales (comps)
- Recent sales of similar properties nearby, used to estimate value. Size, condition, location and timing all affect how comparable a sale really is.
- Holding costs
- The costs of owning a property while it is being repaired or sold, such as property taxes, utilities, insurance and loan interest.
- Commission
- The fee a seller usually pays real estate agents when a listed property sells, typically a percentage of the sale price. The exact amount is set in the listing agreement.
- Conditions
- Requirements written into a purchase agreement that must be met or removed before the sale is firm, such as financing, inspection or title review.
- Deposit
- Money a buyer pays toward the purchase after an agreement is signed, usually held in trust until closing. The agreement sets the amount and what happens to it if the deal does not close.
Buyer arrangements
- Assignment of contract
- When a buyer transfers its rights under a purchase agreement to another buyer, who then completes the purchase. Whether this is allowed, and how, depends on the agreement. Ask any buyer whether they may assign before you sign.
- Buying partner
- Another buyer or investor who purchases a property together with, or instead of, the company you first spoke with. A transparent buyer explains this before you sign.
- Wholesaling
- A practice where a company signs an agreement to buy a property and then assigns that agreement to another buyer. Rules on how this can be marketed vary by province, so sellers should know who will actually complete the purchase.
Closing and title
- Closing date
- The day ownership transfers and the sale money is paid. The purchase agreement sets it, and it depends on title, legal work and any conditions being ready.
- Possession date
- The day the buyer gets the keys and takes control of the property. It is often the same as the closing date, but the agreement can set a different one.
- Title
- The official record of who owns land in Saskatchewan, kept in the Land Titles Registry run by Information Services Corporation (ISC).
- Interests and liens on title
- Claims registered against a property, such as a mortgage, a builder’s lien or another registered interest. Most must be paid out or discharged at closing so the buyer gets clear title.
- Mortgage payout statement
- A statement from the lender showing exactly how much is needed to pay off the mortgage on a specific date. Your lawyer uses it to pay the lender from the sale money at closing.
- Lawyer’s trust account
- A special bank account lawyers use to hold clients’ money, such as sale proceeds, until it is properly paid out at closing.
- Statement of adjustments
- A closing document that splits costs like property taxes and utilities between buyer and seller based on the closing date.
- Legal land description
- The official way land is identified, often used for rural land without a street address. In Saskatchewan it usually refers to a quarter section, section, township, range and meridian, or a lot, block and plan in towns and cities.
Estates and inherited homes
- Executor
- The person named in a will to manage the estate, including dealing with property. They usually need court approval through Letters Probate before land can be transferred. Source: PLEA: Estates
- Letters Probate
- A court document confirming the will and the executor’s authority to deal with the estate, including land registered to the person who died. Source: Saskatchewan Courts: Probate
- Letters of Administration
- A court document appointing an administrator to manage an estate when there is no will, or no executor able to act. Source: PLEA: Estates
- Transmission
- The Land Titles process that moves land from the name of a person who has died into the name of their estate representative, so it can be sold or transferred. Source: ISC: When an owner dies
- Joint tenancy
- A way two or more people can own land together. When one joint owner dies, their share usually passes to the surviving owner rather than through the estate. A lawyer can confirm how a specific title is held.
- Power of attorney
- A legal document that lets someone act for another person while they are alive. It ends when that person dies, after which the estate representative deals with the property. Before selling a house under a power of attorney, have a lawyer confirm the document covers real estate.
- Homestead consent
- In Saskatchewan, a spouse who is not on title may still need to consent before the family home is sold or mortgaged. Your lawyer will confirm whether consent is needed and how it is given.
Mortgages and missed payments
- Arrears
- Mortgage payments that are overdue and unpaid.
- Provincial Mediation Board
- A Saskatchewan government body that a lender must notify before asking the court for permission to foreclose, and that can help homeowners and lenders work out a payment arrangement. Source: PLEA: Mortgage foreclosure
- Order Nisi
- A temporary court order in a Saskatchewan foreclosure that gives the homeowner a set time to pay the arrears before the lender can ask for a Final Order. Source: PLEA: Mortgage foreclosure
- Final Order of foreclosure
- The court order that transfers title to the lender and requires the owner to leave. Paying the amount owing before it is approved stops the process. Source: PLEA: Mortgage foreclosure
- Judicial sale
- A court-supervised sale of a property to pay a debt, an alternative to foreclosure in some cases. Source: PLEA: Mortgage foreclosure
Land and property
- Quarter section
- A common unit of rural land on the prairies, about 160 acres.
- Acreage
- A rural property, usually a few acres to a few dozen, often with a house or yard site.
- Zoning
- Municipal rules that control how land can be used and what can be built on it, such as residential, commercial or agricultural use.
- Subdivision
- Dividing one parcel of land into two or more separate titled parcels, which usually needs municipal or provincial approval.
- Tear-down
- A property where the building is in such poor shape that the land is the main value and the structure is likely to be demolished.
- Assessed value
- A value set for property tax purposes. It is not a sale price or an offer, and it can be higher or lower than what a property would sell for.
General information only, not legal or financial advice. Definitions are simplified; your lawyer can explain how a term applies to your situation. Last reviewed October 29, 2026.
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