Terms with Tag Contract
- Land Title — Definition,
- The legal document conveying title to a property.
- Lawsuit — Definition,
- A suit brought before a court in order to remedy an alleged injustice.
- Lease Option — Definition,
- A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period
- Legal Description (lgdc) — Abbreviation,
- A way of identifying a piece of property in writing that is acceptable to a court.
- Legal Mortgage — Definition, Important,
- The written geographical description of a property as described in the land register.
- Lessee — Definition,
- The person who signs a lease.
- Lessor — Definition,
- The person who grants a lease.
- Letter of Intent — Definition,
- A formal notification that a buyer intends to buy property. It is not legally enforceable.
- Levy — Definition,
- A cost imposed on an individual or entity.
- Liability — Definition,
- A situation where one party is found to be legally responsible for something.
- Lien — Definition,
- A legal hold or claim of a creditor on the property of another.
- Lien Holdback — Definition,
- The practice of mortgagees withholding up to 15% of mortgage monies advanced on new construction.
- Lien Waiver — Definition,
- A document in legal form signed by persons or firms which have lien rights, waiving those rights.
- Lis Pendens — Definition,
- A legal document giving notice that an action or proceeding is pending in the courts which affects the title to the designated property.
- Loan — Definition,
- Letting another party use something of value temporarily.
- Loan Term — Definition,
- The period specified in the promissory note for a borrower to pay a loan, such as a mortgage. Most conventional mortgages have a loan term of 5 or 10 years.
- Loss Payable Clause — Definition,
- An insurance policy provision for payment of a claim to someone, other than the insured's interest in the insured property. This clause basically allows an insurer to make payments to a third party in certain circumstances.
- Low-documentation Loan — Definition,
- A mortgage that requires less income or asset verification than conventional loans. Low-documentation loans are designed for the entrepreneur or self-employed, for recent immigrants, or for borrowers who cannot or choose not to reveal their financial information. A substantial down payment and excellent credit history are generally required. This type of loan will also yield a higher interest rate.
- Malpractice — Definition,
- Negligent acts done by a professional that causes injury to a plaintiff.
- Master Land Services Contract (MLSC) — Acronym,
- Master Promissory Note (MPN) — Acronym,
- Master Sales Agreement (MSA) — Acronym,
- Maturity Guarantee — Definition,
- A guarantee that after a certain date a contract, such as a life insurance policy or annuity, will have a minimum dollar value.
- Mediation — Definition,
- A method of resolving a dispute using a neutral party (a "mediator") who actively works to resolve the differences. A mediator cannot make a binding decision, as opposed to an arbitrator, who can.
- Mis-selling — Definition,
- The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
- Monetary Policy — Definition,
- The Bank of Canada's ability to influence the economy through changes in short-term interest rates and the money supply.
- Mortgage Acceleration Clause — Definition, Important,
- A provision of a loan agreement that lets a lender demand payment of the full balance under specified circumstances, such as sale of the property, default or refinancing. Not commonly used in Canada and/or Canadian lenders.
- Mortgage Application — Definition, Very Important,
- A document in which a prospective borrower details his or her financial situation to qualify for a loan.
- Mortgage Lien — Definition, Important,
- A legal claim against a mortgaged property which must be paid when the property is sold.
- Mutual Non-Disclosure Agreement (MNDA) — Acronym,
7.
Land Title -
Lien
Lien
