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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
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50% - Moderately
50% - Moderately
Alienation Clause
Synonyms: | fine print, full payment, ownership, transfer of title |
Filed Under: | legal-contracts, mortgages, real-estate |
Tags: | clause, contract, legal, mortgage, realty |
Definition of alienation clause
- alienation clause
- 1. "Alienation" is the transference of ownership and property rights.
- 2. This clause stipulates that the borrower must pay the mortgage in full upon transferring the property.
Related Terms and Acronyms:
- acceleration clause A provision within a document that explains how the lender expects payment for a loan, in due haste.
- call option A clause in a mortgage that gives the lender the right to request the balance at any time.
- contract An agreement between two or more parties that can be enforced by law.
- credit risk The risk of loss assumed under a financial contract that a borrower or a counter-party to a loan or other credit-related contract may default or fail to fulfill its obligations.
- mortgage (mtg) A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- mortgage assumption Taking over the payment and responsibility for an existing property loan.
- non-assumption clause A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.
- title Evidence of a person's right to possession ownership of a property.
- transfer of title (TOT) A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.
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