Terms with Tag Contract

  • Abandonment Clause Definition,
    • A clause that allows the insured to abandon damaged or lost property without losing insurance benefits.
  • Abstract of Judgement Definition,
    • A court document that states how much the loser of a lawsuit owes, and which creates a lien, or a claim on property, when filed with the county recorder where the property is owned.
  • Abstract of Title (ab) Abbreviation,
    • A written history of all the transactions that bear on the title to a specific piece of land. An abstract of title covers the time from when the property was first sold to the present.
    AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds.
  • Acceleration Clause Bank,
    • A provision within a document that explains how the lender expects payment for a loan, in due haste.
  • Acceptance Definition,
    • A property seller's formal, written approval of a buyer's offer.
  • Accident and Indemnity (A&I)Acronym,
      An insurance liability agreement.
    • Accidental Damage Waiver (ADW)Acronym,
      • Account Agreement Bank,
        • An agreement that you sign and which lists your rights and responsibilities and the bank's rights and responsibilities for the bank account.
      • Accrue Bank,
        • To gather together an amount often over a period of time.
      • Act of God (AOG) Acronym,
        • When used in insurance policies, an event caused by natural forces such as hail, rain, tornado, lightning, floods or earthquakes, which results in damage to property.
      • Addendum Definition,
        • A change made to a contract.
      • Administrative Service Contract (ASC)Acronym,
        • Adverse Possession Definition,
          • A means of getting title to land by using it without the objection of the title holder.
        • Adverse Use Definition,
          • Use of someone's property without permission.
        • Affidavit Definition,
          • A written statement sworn to before an authorized official such as a notary public, or commissioner for oaths.
        • Agency (agcy) Bank,
          • A relationship between two parties -- a client and an agent -- in which the agent represents the client in transactions with a third party.
        • Agency Closing Bank,
          • The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.
        • Agreed Boundary Definition,
          • Property lines that are drawn to settle a dispute between neighbouring property owners.
        • Agreement of Sale (AOS) Acronym,
          • A document in which a property's buyer and seller approve the price and other terms of the transfer of title.
        • Alienation Clause Definition,
          • A requirement that the borrower pay the mortgage in full upon transfer of the property.
        • Alimony Bank,
          • Monthly payments received by an ex-spouse. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
        • Annex Bank,
          • To add one thing onto another.
        • Annual Administrative Fee Bank,
          • An annual (yearly) fee charged for the administration of a service.
        • Annuity and Supplementary Contract (ASC)Acronym,
          • Anticipatory Breach Definition,
            • A notification that one party to a contract plans to renege, releasing the other party from having to fulfill its end of the agreement.
          • Arbitration Bank,
            • A dispute-resolution method in which an impartial third party, agreed upon by all sides beforehand, makes a decision.
          • As is Where is Definition,
            • The buyer must examine the goods or property and buy at his or her own risk.
          • Assessments Definition,
            • Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
          • Asset Bank,
            • 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 Bank,
            • A bankruptcy proceeding where there are non-exempt assets that might be accessible to pay creditor's claims.
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