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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Call Option


Synonyms:clause, fine print, motion to be paid, provision, requiring full payment, stipulation
Filed Under: legal-contracts, mortgages
Tags: contract, legal, mortgage
 

Definition of call option

call option
1. A mortgage clause that provides the lender with rights to request the remaining balance of a mortgage at any time.

Related Terms and Acronyms:

  • acceleration clause   A provision within a document that explains how the lender expects payment for a loan, in due haste.
  • alienation clause   A requirement that the borrower pay the mortgage in full upon transfer of the property.
  • breach of contract (BOC)   Failure to abide by terms of a legal agreement without a legal excuse.
  • lender   The bank or mortgage company offering the loan.

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