Terms with Tag Legal

  • Lawsuit Definition,
    • A suit brought before a court in order to remedy an alleged injustice.
  • Lease Option Definition,
    • A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period
  • Legal Description (lgdc) Abbreviation,
    • A way of identifying a piece of property in writing that is acceptable to a court.
  • Legal Fees and Disbursements Definition,
    • Charges paid on your behalf by a solicitor that are in addition to professional costs.
  • Legal Mortgage Definition, Important,
    • The written geographical description of a property as described in the land register.
  • Lessee Definition,
    • The person who signs a lease.
  • Lessor Definition,
    • The person who grants a lease.
  • Letter of Intent Definition,
    • A formal notification that a buyer intends to buy property. It is not legally enforceable.
  • Levy Definition,
    • A cost imposed on an individual or entity.
  • Liability Definition,
    • A situation where one party is found to be legally responsible for something.
  • Lien Definition,
    • A legal hold or claim of a creditor on the property of another.
  • Lien Holdback Definition,
    • The practice of mortgagees withholding up to 15% of mortgage monies advanced on new construction.
  • Lien Waiver Definition,
    • A document in legal form signed by persons or firms which have lien rights, waiving those rights.
  • Limited Power of Attorney (LPOA)Acronym,
    • Lis Pendens Definition,
      • A legal document giving notice that an action or proceeding is pending in the courts which affects the title to the designated property.
    • Loan Definition,
      • Letting another party use something of value temporarily.
    • Loan Term Definition,
      • The period specified in the promissory note for a borrower to pay a loan, such as a mortgage. Most conventional mortgages have a loan term of 5 or 10 years.
    • Loss Payable Clause Definition,
      • An insurance policy provision for payment of a claim to someone, other than the insured's interest in the insured property. This clause basically allows an insurer to make payments to a third party in certain circumstances.
    • Low-documentation Loan Definition,
      • A mortgage that requires less income or asset verification than conventional loans. Low-documentation loans are designed for the entrepreneur or self-employed, for recent immigrants, or for borrowers who cannot or choose not to reveal their financial information. A substantial down payment and excellent credit history are generally required. This type of loan will also yield a higher interest rate.
    • Malpractice Definition,
      • Negligent acts done by a professional that causes injury to a plaintiff.
    • Maturity Guarantee Definition,
      • A guarantee that after a certain date a contract, such as a life insurance policy or annuity, will have a minimum dollar value.
    • Mediation Definition,
      • A method of resolving a dispute using a neutral party (a "mediator") who actively works to resolve the differences. A mediator cannot make a binding decision, as opposed to an arbitrator, who can.
    • Mis-selling Definition,
      • The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
    • Monetary Policy Definition,
      • The Bank of Canada's ability to influence the economy through changes in short-term interest rates and the money supply.
    • Money Laundering (ML) Acronym,
      • A process used by individuals to conceal illegally acquired funds by converting them into seemingly legitimate income. The term is generally associated with organized crime and those who need to legitimize illegally earned funds.
    • Mortgage Acceleration Clause Definition, Important,
      • A provision of a loan agreement that lets a lender demand payment of the full balance under specified circumstances, such as sale of the property, default or refinancing. Not commonly used in Canada and/or Canadian lenders.
    • Mortgage Application Definition, Very Important,
      • A document in which a prospective borrower details his or her financial situation to qualify for a loan.
    • Mortgage Lien Definition, Important,
      • A legal claim against a mortgaged property which must be paid when the property is sold.
    • National Initiative to Combat Money Laundering (NICML)Acronym, Canada,
      • No-documentation Loan Definition,
        • A mortgage in which the applicant provides a minimum of information -- name, address, Social Insurance number (so credit reports can be pulled), and contact information for an employer, if there is one. The underwriter decides on the loan based on the applicant's credit history, the appraised value of the house and size of down payment.
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