Home buyers and sellers will enjoy new confidence that the home they buy is sound, if the Government of Alberta follows through on its promise to introduce legislation to augment home warranties this fall.

The new rules, to be tabled at the fall sitting of the legislature, which begins Oct. 23, would make warranties mandatory for all new homes, and also toughen fines for negligent builders. The changes come in the wake of an increase in complaints around the province of condo owners facing hefty repair bills on leaky units.

Thinking about buying your first home? Getting ready to sell and upgrade your current home? Do you want to be better prepared and have a bit more knowledge about what all is going on? This is a simple dictionary of real estate terms that will help you out along the way.

This is by no means every term you will hear, but it's a start.

The good thing is that a REALTOR® already knows all of these!