Terms with Tag Contract

  • No-documentation Loan Definition,
    • A mortgage in which the applicant provides a minimum of information -- name, address, Social Insurance number (so credit reports can be pulled), and contact information for an employer, if there is one. The underwriter decides on the loan based on the applicant's credit history, the appraised value of the house and size of down payment.
  • Non-assumption Clause Definition,
    • A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.
  • Non-Cancellable Definition,
    • A contract or section of a contract that cannot be modified.
  • Non-Circumvention Non-Disclosure (NCND)Acronym,
    • Contract by brokers to ensure the buyer and seller together do not by-passed the brokerage and any information disclosed during negotiations is not revealed to any unauthorized party.
  • Non-Circumvention Non-Disclosure Agreement (NC/ND, NCNDA)Acronym,
    • Non-Disclosure Agreement (NDA) Acronym,
      • A contract that disallows one or more parties from disclosing information covered by the contract.
    • Non-Forfeiture Clause Definition,
      • A clause that allows a policyholder to receive partial or full benefits and/or a refund of premiums if the policy lapses due to unpaid premiums.
    • North American Free Trade Agreement (NAFTA) Acronym,
      • An agreement between the United States, Canada, and Mexico that allows for freer trade between the three countries.
    • Not-for-Profit Definition,
      • An Organization operated solely for: social welfare, civic improvement, pleasure or recreation, or any other purpose except profit.
    • Note Definition,
      • A legal acknowledgement of a debt and an implicit promise to repay. It includes the loan amount, interest rate and term.
    • Occurrence Definition,
      • An event that triggers the need for insurance coverage.
    • Offer Definition,
      • To propose or give something.
    • Option Definition,
      • A legal agreement giving someone the right to buy, sell or lease a property or item at specified terms for a specified period.
    • Oral Agreement Definition,
      • A spoken, unwritten legal agreement, worth the paper it's printed on.
    • Organizational Conflict of Interest Non-Disclosure Agreement (OCI/NDA)Acronym,
      • Penalty Definition,
        • In mortgage terms, a penalty is a set rate or length of time the penalty will be charged based on the remaining loan amount. The penalty is usually three months interest or interest rate differential.
      • Peril Definition,
        • Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
      • Period of Indemnity Definition,
        • The amount of time where insurance benefits are required to be paid by an insurance policy.
      • Personal Services Contract (PSC)Acronym,
        • Plaintiff Definition,
          • The party who initiates a lawsuit.
        • Policy Definition,
          • An insurance contract.
          • A set of rules or guidelines.
        • Policy Declarations Definition,
          • The section of the insurance policy that declares the specifics of the insurance policy including premiums, named perils, and policy limits, amongst others.
        • Power of Sale Definition,
          • The right of a mortgagee to force the sale of the property without judicial proceedings should default occur.
        • Pre-approval Letter Definition,
          • A document from a lender or broker, estimating how much a potential home-buyer could borrow, based on current interest rates and a preliminary look at credit history.
        • Pre-payment Clause Definition,
          • A clause that stipulates the amount of principal a borrower may prepay ahead of schedule without penalty as well as the prepayment penalty for larger prepayments.
        • Pre-payment Penalty Definition,
          • A lender's charge to the borrower for paying off the loan before the end of the term.
        • Preferred Stock Definition,
          • A type of security that signifies part ownership in a corporation and is given preferential treatment over common stocks.
        • Preferred Stock Purchase Agreement (PSPA)Acronym,
          • Probate Sale Definition,
            • Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
          • Professional Services Contract (PSC)Acronym,
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