Terms with Tag Legal

  • Asset Definition,
    • Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others including bank accounts, stocks, mutual funds, and so on.
  • Asset Case Definition,
    • A bankruptcy proceeding where there are non-exempt assets that might be accessible to pay creditor's claims.
  • 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.
    • 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.
        • British Columbia Law Institute (BCLI) Company, British Columbia, Canada,
          • British Columbia Securities Commission (BCSC) Company, Vancouver, British Columbia, Canada, Important,
            • An independent government agency responsible for administrating and enforcing the Canadian Securities Act for the province of British Columbia.
            Canadian crown corporation.
          • 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.
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