Terms with Tag Legal

  • Consideration Definition,
    • A thing of value that is negotiated as part of a contract.
  • Consumer Bankruptcy Definition,
    • A bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts.
  • Contingency Definition,
    • A condition that must be met before a property sale can be completed, such as a home inspection or mortgage approval.
  • Contingent Liability Definition,
    • A legal responsibility to pay certain sums conditional on a future event such as a law suit or court case.
  • Contract Definition,
    • An agreement between two or more parties that can be enforced by law.
  • Contract For Deed (CFD) Acronym,
    • An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
  • Contract Holder Definition,
    • The entity that holds the rights to a obligation or debt.
  • Contract to Purchase Definition,
    • A document in which a property's buyer and seller approve the price and other terms of the transfer of title. Also known as an agreement of sale, a purchase contract or a sale contract.
  • Contractual Lien Definition,
    • A legal claim against property as a result of a voluntary contract, such as a mortgage.
  • Contributory Negligence Definition,
    • A legal defence that can be applied if the plaintiff is at least partially responsible for a harm, and if they are found partially liable, they can be denied any compensation.
  • Conversion Clause Definition,
    • A provision that may appear in an adjustable-rate loan agreement allowing the loan to be changed to a fixed-interest rate loan, usually for an additional charge.
  • Conveyance Definition,
    • A document that transfers a property title.
    • To move something.
  • Corporation Definition,
    • A legal entity that is legally separate from its owners and employees.
  • Covenant Definition,
    • A promise made in a contract or property deed.
  • Covenantor Definition,
    • A person who promises to be responsible for the repayment of a loan.
  • Custodial Parent (CP)Acronym,
    • Parent or guardian having legal custody of a minor child.
  • Deed (D) Acronym, Very Important,
    • A document that provides title to property and is filed with a country recorder.
    Used to transfer ownership of assets, often land or automobiles.
  • Defendant Definition,
    • The accused party in a lawsuit or criminal trial.
  • 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 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.
  • Draft Environmental Impact Statement (DEIS)Acronym,
    • Draft Supplemental Environmental Impact Statement (DSEIS)Acronym,
      • 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.
      • Durable Power of Attorney (DPA, DPOA)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.
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