Terms with Category Legal Contracts
- Non-Disclosure Agreement (NDA) — Acronym,
- A contract that disallows one or more parties from disclosing information covered by the contract.
- Non-Forfeiture Clause — Definition,
- A clause that allows a policyholder to receive partial or full benefits and/or a refund of premiums if the policy lapses due to unpaid premiums.
- Not-for-Profit — Definition,
- An Organization operated solely for: social welfare, civic improvement, pleasure or recreation, or any other purpose except profit.
- Note — Definition,
- A legal acknowledgement of a debt and an implicit promise to repay. It includes the loan amount, interest rate and term.
- Notice of Assessment (NOA) — Acronym, Canada, Important,
- A form the federal government issues when personal taxes are complete. A notice of assessment shows a breakdown of the given years income along with the balance owing or refund.
➥ Canada Revenue Agency's T451 tax form. - Notice of Default (NOD) — Acronym, Important,
- The step in the foreclosure process where the lender informs the court that the borrower is in arrears.
- Occurrence — Definition,
- An event that triggers the need for insurance coverage.
- Offer — Definition,
- To propose or give something.
- Option — Definition,
- A legal agreement giving someone the right to buy, sell or lease a property or item at specified terms for a specified period.
- Oral Agreement — Definition,
- A spoken, unwritten legal agreement, worth the paper it's printed on.
- Penalty — Definition,
- In mortgage terms, a penalty is a set rate or length of time the penalty will be charged based on the remaining loan amount. The penalty is usually three months interest or interest rate differential.
- Peril — Definition,
- Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
- Period of Indemnity — Definition,
- The amount of time where insurance benefits are required to be paid by an insurance policy.
- Plaintiff — Definition,
- The party who initiates a lawsuit.
- Policy — Definition,
- A set of rules or guidelines.
- An insurance contract.
- Policy Declarations — Definition,
- The section of the insurance policy that declares the specifics of the insurance policy including premiums, named perils, and policy limits, amongst others.
- Power of Attorney (POA, PA) — Acronym,
- A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and cheques, for example.
- Power of Sale — Definition,
- The right of a mortgagee to force the sale of the property without judicial proceedings should default occur.
- Pre-approval Letter — Definition,
- A document from a lender or broker, estimating how much a potential home-buyer could borrow, based on current interest rates and a preliminary look at credit history.
- Pre-payment Clause — Definition,
- A clause that stipulates the amount of principal a borrower may prepay ahead of schedule without penalty as well as the prepayment penalty for larger prepayments.
- Pre-payment Penalty — Definition,
- A lender's charge to the borrower for paying off the loan before the end of the term.
- Predatory Lending (PL) — Acronym, Important,
- Lending practices that are unfair, deceptive or fraudulent.
- Preferred Stock — Definition,
- A type of security that signifies part ownership in a corporation and is given preferential treatment over common stocks.
- Probate Sale — Definition,
- Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
- Promissory Note (PN) — Acronym,
- A written promise to repay a loan by a specified time.
- Property Report — Definition,
- A legal document prepared by a surveyor that shows the locations of all visible public and private improvements relative to property boundaries.
- A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
- Proprietor — Definition,
- The owner of a business or property.
- Province of Domicile — Definition,
- The province where an individual lives or intends to live permanently or for a long term, regardless of the individual's current location.
- Quantum Meruit — Definition,
- Used in contract law it means "reasonable value of services."
- Real Estate Attorney — Definition,
- A lawyer who specializes in the transfer of land and buildings and property tax issues.
7.
Non-Disclosure Agreement -
Oral Agreement
Oral Agreement
10.
