Terms with Tag Legal

  • 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-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.
  • 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.
  • Notice of Default (NOD) Acronym, Important,
    • The step in the foreclosure process where the lender informs the court that the borrower is in arrears.
  • Nova Scotia Barristers' Society (NSBS) Company Est. 1797, Nova Scotia, Canada,
      Regulator of legal professionals in Nova Scotia.
    • Nova Scotia Court of Appeal (NSCA)Company, Nova Scotia, Canada,
        Highest court in Nova Scotia.
      • Occurrence Definition,
        • An event that triggers the need for insurance coverage.
      • Offer Definition,
        • To propose or give something.
      • Ontario Trial Lawyers Association (OTLA) Company Est. 1991, Ontario, Canada,
        • 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.
        • 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 Loan Agreement (PLA)Acronym, Important,
          • When a small amount of money is involved, an IOU or signed promise may be written between parties stating the terms and timeframe needed to pay back a loan.
          See IOU.
        • Plaintiff Definition,
          • The party who initiates a lawsuit.
        • Point of Commencement (POC)Acronym,
          • 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 Attorney (POA, PA) Acronym,
            • A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and cheques, for example.
          • 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.
          • Probate Sale Definition,
            • Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
          • Programmatic Environmental Impact Statement (PEIS)Acronym,
            • Property Report Definition,
              • A legal document prepared by a surveyor that shows the locations of all visible public and private improvements relative to property boundaries.
              • A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
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