Terms with Tag Legal

  • Encroachment Definition,
    • An improvement, such as a fence, that illegally extends onto another property or impedes the neighbour's use of that property.
  • Encumbrance Definition,
    • Anything that affects or limits the clear and free title to a property, such as mortgages, leases, easements, or restrictions.
  • Enduring Power of Attorney (EPA)Acronym,
    • Environmental Impact Statement (EIS) Acronym,
      • A government-required evaluation of how construction will affect the environment surrounding a site.
    • Environmental Impact Statement/Environmental Impact Report (EIS/EIR)Acronym,
      • Equity Definition,
        • Ownership in an asset.
        • The value of a property minus outstanding mortgage debt and other liens.
      • Errors and Omissions Excepted (E&OE)Acronym, Important,
        • Escrow Agent Definition,
          • A neutral third party who holds the documents and money in a real-estate transfer until all conditions are met.
        • Estate Definition,
          • The ownership interest of an individual in real property.
          • The total sum of all the real property and personal property owned by an individual at time of death.
        • Eviction Definition,
          • The act of kicking someone out of a property, usually for violating terms of a lease.
        • Examination of Title Definition,
          • A review of public records and title abstracts to determine the chain of ownership of a property.
        • Exclusive Listing Definition,
          • A legal agreement giving one real-estate agent the right to sell a property for a specified period, but owners retain the right to sell their property themselves without paying the agent commission.
        • Extended Warranty Definition,
          • A service contract that covers certain vehicle repairs or problems after the manufacturer's or dealer's warranty expires. Extended warranties are sold by vehicle manufacturers, dealers, and independent companies. With a new vehicle, the extended warranty must be purchased by the end of the first year of ownership.
        • Fee Simple Definition,
          • Outright ownership of real estate, free of any liens or other claims against title.
        • Fee Simple Defeasible Definition,
          • When a person has outright ownership of real estate (free of any liens or other claims against title), but the use of the property is restricted.
        • Fiduciary Definition,
          • An individual, company, or association that manages assets for another party. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy, and those responsible for managing the finances of a minor.
        • Fiduciary Duty Definition,
          • A requirement that someone in a position of trust, such as a banker, real-estate agent, or title agent, must act in good faith and trust on behalf of a client.
        • Filed by Electronic Means (FBEM)Acronym,
          • Filing Extension Definition,
            • An additional amount of time to file your return. A filing extension, however, does not give you more time to pay your taxes.
          • Final Generic Environmental Impact Statement (FGEIS)Acronym,
            • Final Supplemental Environmental Impact Statement (FSEIS)Acronym,
              • Financial Action Task Force on Money Laundering (FATF)Company,
                • Financial Power of Attorney (FPOA)Acronym,
                  • Financial Responsibility Laws Definition,
                    • A type of law that requires an entity to be capable of paying for damages in the event of a potential claim.
                  • First Lien Definition,
                    • Primary claim by the lender for satisfaction of outstanding debt. A first mortgage creates a first lien.
                  • First Mortgage Definition, Important,
                    • A mortgage that is the primary lien against a property.
                  • Forbearance Definition,
                    • Delaying foreclosure, usually because the borrower has arranged to pay the amount in arrears.
                  • Foreclosure Definition,
                    • The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
                  • Forfeiture Definition,
                    • Loss of property because of violation of law or contract.
                  • Franchise Definition,
                    • The right to sell products or services under a corporate name or trade mark (established by someone else). This right is usually purchased for cash in addition to a royalty fee on, or a percentage of, all sales.
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