GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Alienation Clause

Synonyms:	fine print, full payment, ownership, transfer of title
Filed Under:	legal-contracts, mortgages, real-estate
Tags:	clause, contract, legal, mortgage, realty

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.

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.