Modification

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • change
  • revision
  • adjustment

Definition of Modification

  1. Altering or making changes to the terms of a loan agreement. For example, many mortgage lenders in Canada will allow you to modify the amortization period from a 10 year to a 15 year at any time during the mortgage term.

Related Terms and Acronyms

  • Addendum Definition,
    • A change made to a contract.
  • Breach of Contract (BOC) Acronym,
    • Failure to abide by terms of a legal agreement without a legal excuse.
  • Non-Cancellable Bank,
    • A contract or section of a contract that cannot be modified.
  • Contract Definition,
    • An agreement between two or more parties that can be enforced by law.
  • Acceptance Definition,
    • A property seller's formal, written approval of a buyer's offer.
  • Agreement of Sale (AOS) Acronym,
    • A document in which a property's buyer and seller approve the price and other terms of the transfer of title.
  • Amortization Bank,
    • Amortization refers to the process of gradually paying down the principal of a loan. Each payment toward the principal reduces your loan by that amount. This is different than an interest-only loan payment where the principal balance is never reduced. Amortization for a mortgage loan in Canada is normally 25 years, but can be as few as 5 years.
  • Consideration Definition,
    • A thing of value that is negotiated as part of a contract.
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