Terms with Tag Legal

  • Abandonment Definition,
    • A disclaimer of ownership by the trustee or debtor in property deemed burdensome or inconsequential. Once property has been "abandoned" it is no longer the property of the estate and creditors can seek to recover their money.
  • Abandonment Clause Definition,
    • A clause that allows the insured to abandon damaged or lost property without losing insurance benefits.
  • Absolute Priority Rule (APR)Acronym,
    • A rule where creditors get paid before a shareholder on outstanding debts or claims when liquidating or reorganizing a company.
    In relation to creditor claims.
  • 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.
  • 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.
  • Addendum Definition,
    • A change made to a contract.
  • 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.
  • Anti Money Laundering and Combating the Financing of Terrorism (AMLCFT)Acronym,
    • Anti-Money Laundering (AML)Bank,
      • Anti-Money Laundering - Combating the Financing of Terrorism (AML-CFT)Acronym,
        • Anti-Money Laundering Program (AMLP)Acronym,
          • Many insurance and investment firms, with the assistance of regulatory organizations, have programs in place to help prevent money laundering. These programs are designed to recognize techniques and risks as well as to aid in the process of verification of clients and their accounts.
        • Anti-Money Laundering Regulation (AMLR)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.
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