Terms with Tag Contract

  • Demographics Definition,
    • Characteristics of the population that influence consumption of products and services. They include age, sex, race, family size, level of education, occupation, income and location of residence.
  • Dependent Definition,
    • A person who relies on someone else for financial support. If you have dependents, you can claim them as exemptions, which will reduce the amount of your income that is taxed.
  • Disclosure Definition,
    • A statement required by most provinces that requires the creditor to tell the debtor the annual percentage rate, finance charges and other terms of a loan.
    • A statement listing potential defects to a property, such as the possible existence of lead paint or radon.
  • Division of Property Definition,
    • The dividing of marital assets during a divorce.
  • Document (doc)Abbreviation,
    • Document Needs List Definition,
      • An inventory of papers a lender needs to underwrite a loan, usually including pay-cheque stubs, bank statements and tax returns.
    • Documentary Credit Definition,
      • Written undertaking by a bank on behalf of an importer authorizing an exporter to draw drafts on the bank up to a specified amount under specific terms and conditions. They are used to facilitate international trade. In the United States these instruments are called commercial letters of credit.
    • Domicile Definition,
      • A person's permanent residence.
    • Due-on-sale Clause Definition,
      • A condition of a mortgage that states that the loan must be paid when the house is sold. Commonly used in reverse mortgage lending.
    • Earnest Money Contract (EMC)Acronym,
      • Easement Definition,
        • A means by which access or right of way is granted by law if an owner of a property is negligent in restricting access or enforcing trespassing laws for ten years or more.
        • Giving persons other than the owner access to or over a property.
      • Education Savings Plan (ESP)Acronym, Canada,
        • A savings vehicle used to save for a child's post-secondary education.
        Offers tax-free earnings.
      • Emergency Equipment Rental Agreement (EERA)Acronym,
        • Encroachment Definition,
          • An improvement, such as a fence, that illegally extends onto another property or impedes the neighbour's use of that property.
        • Encumbrance Definition,
          • Anything that affects or limits the clear and free title to a property, such as mortgages, leases, easements, or restrictions.
        • Equity Definition,
          • Ownership in an asset.
          • The value of a property minus outstanding mortgage debt and other liens.
        • Escrow Agent Definition,
          • A neutral third party who holds the documents and money in a real-estate transfer until all conditions are met.
        • Estate Definition,
          • The ownership interest of an individual in real property.
          • The total sum of all the real property and personal property owned by an individual at time of death.
        • Eviction Definition,
          • The act of kicking someone out of a property, usually for violating terms of a lease.
        • Examination of Title Definition,
          • A review of public records and title abstracts to determine the chain of ownership of a property.
        • Exclusive Listing Definition,
          • A legal agreement giving one real-estate agent the right to sell a property for a specified period, but owners retain the right to sell their property themselves without paying the agent commission.
        • Extended Warranty Definition,
          • A service contract that covers certain vehicle repairs or problems after the manufacturer's or dealer's warranty expires. Extended warranties are sold by vehicle manufacturers, dealers, and independent companies. With a new vehicle, the extended warranty must be purchased by the end of the first year of ownership.
        • Extended Warranty Replacement Agreement (EWRA)Acronym,
          • Fee Simple Definition,
            • Outright ownership of real estate, free of any liens or other claims against title.
          • Fee Simple Defeasible Definition,
            • When a person has outright ownership of real estate (free of any liens or other claims against title), but the use of the property is restricted.
          • Fiduciary Definition,
            • An individual, company, or association that manages assets for another party. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy, and those responsible for managing the finances of a minor.
          • Fiduciary Duty Definition,
            • A requirement that someone in a position of trust, such as a banker, real-estate agent, or title agent, must act in good faith and trust on behalf of a client.
          • Filing Extension Definition,
            • An additional amount of time to file your return. A filing extension, however, does not give you more time to pay your taxes.
          • Financial Responsibility Laws Definition,
            • A type of law that requires an entity to be capable of paying for damages in the event of a potential claim.
          • First Lien Definition,
            • Primary claim by the lender for satisfaction of outstanding debt. A first mortgage creates a first lien.
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