Canadian Financial, Real Estate and Mortgage Glossary

assessments — Definition

Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.

assessor's parcel number (APN) — Acronym

asset — Definition

Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others including bank accounts, stocks, mutual funds, and so on.

asset case — Definition

A bankruptcy proceeding where there are non-exempt assets that might be accessible to pay creditor's claims.

asset-backed securities (ABS) — Definition, Very Important

Securities backed by a pool of assets.

  ➥  Financial security made up of a bundle of assets.

assignee — Definition

A person appointed to acquire (take) an item, such as a property.

assignment — Definition

The transfer of a mortgage from one person to another.

assignor — Definition

assisted living (AL) — Acronym

Associate Committee on the National Building Code (ACNBC) — Company Est.1948, Canada

Association of Canadian Financial Officers (ACFO) — Company Est.1988, Ottawa, Ontario, Canada

assumability — Definition

The ability of a mortgage to be taken over from the original borrower by a new borrower.

assumable — Definition

A loan or obligation that can be taken over by a new borrower.

assumable mortgage — Definition, Very Important

A mortgage that can be taken over or "assumed" by the buyer when a home is sold.

assumed interest rate (AIR) — Acronym

  ➥  Assumable mortgage.

assumed investment return (AIR) — Acronym

assumption clause — Definition

A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.

assumption fee — Definition

A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.

Assumption Mutual Life Insurance Company — Company Est.1903, Prince Edward Island, Nova Scotia, New Brunswick, and Quebec, Canada, Important

  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.

Atlantic Central (AC) — Company, Nova Scotia, New Brunswick, & Princess Edward Island, Canada

Atlantic Home Warranty Program (AHWP) — Company Est.1976, Halifax, Nova Scotia, Canada

  ➥  Originally established by HUDAC (The Housing and Urban Development Association of Canada).

atm access fee — Definition

Fee charged in addition to the individual account fees for an account holder to gain access to the ATM system. Can be monthly, weekly, or annual fee. See also "Automated Teller Machine."

atm alliance — Definition

An alliance between banks and/or credit unions that is designed to avoid or minimize surcharges for non-bank customers at ATM machines. Customers from one bank that belongs to the alliance can use surcharge-free ATMs at all alliance banks.

atm card fee — Definition

This is not a debit card fee. It can be an annual or monthly fee charged on top of individual account fees to obtain an ATM card. The fee may also be charged per card or per account. For example, if an account is held jointly, the bank may charge for the second person to hold a card or it may charge one fee for all the cards on an account.

atm surcharge — Definition

A fee charged to someone using a bank-owned ATM because he or she does not hold an account with that bank. It is a good idea to review what your bank charges you to use another bank's ATM system to avoid paying additional surcharges to your bank.

attached (att, attd) — Definition

Something that is affixed to a property.

  ➥  As in attached garage.

attached structure — Definition

A building that is attached to another building.

attained age — Definition

The current age of an insured individual.

attending physician statement (APS) — Acronym, Important

audit — Definition

An examination of a taxpayer's income tax return or other transactions bearing tax consequences. Audits range from a simple letter from the agency to a detailed review of individual or business tax filings and records.