Terms with Tag Contract

  • Assignee Definition,
    • A person appointed to acquire (take) an item, such as a property.
    • In the insurance industry, an assignee is someone who is assigned ownership of another person's insurance policy.
  • Assignor Definition,
    • 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.
    • 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.
    • Authorized User Definition,
      • Any person to whom you give permission to use a credit card account.
    • Aviation Easement Definition,
      • An agreement that grants the right to fly airplanes over property, even if the practice causes damage, inconvenience, or loss of property value. Such an agreement usually restricts the property owner from building or growing anything over a specified height.
    • Back Title Letter Definition,
      • A document that a title insurance company gives to an attorney specifying condition of the title.
    • Backflip Takeover Definition,
      • A form of takeover where the purchasing company becomes a subsidiary of the purchased company.
    • Bank Investment Contract (BIC)Acronym,
      • Bargain and Sale Deed (BSD)Acronym,
        • Bilateral Contract Definition,
          • A legal agreement in which both parties promise to give each other something. A purchase agreement in which the buyer promises to give money and the seller promises to transfer property is a bilateral contract.
        • Bill of Sale Deed (BSD)Acronym,
          • Binder Definition,
            • An agreement to consider the purchase of real estate. The agreement is secured and backed by a cash deposit as evidence of good faith on the part of the purchaser.
          • Boilerplate Definition,
            • Standard, routine language in legal documents.
          • Bona Fide Definition,
            • In good faith. In real estate, a bona fide purchaser or seller has the legal right to give or receive title.
          • Book Value Definition,
            • A valuation method determined by taking the original cost of an asset and subtracting any depreciation, impairment or amortization costs.
            • The value of a property, item or company as a capital asset based on its cost plus any additions, subtracting depreciation.
          • Breach of Contract (BOC) Acronym,
            • Failure to abide by terms of a legal agreement without a legal excuse.
          • Breach of Covenant Definition,
            • Violation of a promise made in a contract or property deed.
          • Breach of Warranty Definition,
            • A determination that a seller cannot pass clear title of property to a buyer.
          • Broker (Bkr) Abbreviation,
            • A person or firm who acts on behalf of another.
          • Building Restrictions Definition,
            • Local regulations that limit the size, height, materials, colours, uses, locations, placement and other characteristics of houses.
          • Bundle of Rights Definition,
            • A set of legal rights that an owner has regarding a property.
          • Burden of Proof (BOP) Acronym,
            • The legal requirement to provide enough evidence to win a lawsuit. In civil cases, such as tax court, the burden is decided by the preponderance -- the most -- evidence. Except in cases of tax fraud, the burden of proof in a tax case generally is on the taxpayer.
          • Business (busn) Abbreviation,
            • A company, either for-profit or non-profit.
            • Commercial, industrial or professional activities undertaken by an entity.
            • Economic activities of a given type.
          • Bylaws Definition,
            • The written rules governing an organization such as a homeowners association.
          • Call Option Definition,
            • A clause in a mortgage that gives the lender the right to request the balance at any time.
          • Cancellation Clause Definition,
            • A provision in a lease or other contract that spells out under what conditions the parties can call off the deal.
          • Card Holder Agreement Definition,
            • A written agreement or contract between a credit card holder and the credit issuer that details the terms and conditions of a credit card account. This agreement must include the Annual Percentage Rate, the monthly minimum payment formula, the annual fee if applicable, and the cardholder's rights in billing disputes. Changes to the agreement can be made at any time by the issuer with prior written notice.
          • Cash Collateral Definition,
            • The proceeds of cash collected from the sale of liquid assets while in bankruptcy.
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