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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Contractual Lien


Synonyms:claim, legal document, legal right
Filed Under: financial-banking, legal-contracts, mortgages, real-estate
Tags: banking, contract, legal, mortgage, realty
 

Definition of contractual lien

contractual lien
1. A legal claim against property as a result of a voluntary contract, such as a mortgage.

Related Terms and Acronyms:

  • caveat   To give warning, notice or caution; beware.
  • contract   An agreement between two or more parties that can be enforced by law.
  • lien   A legal hold or claim of a creditor on the property of another.
  • lien waiver   A document in legal form signed by persons or firms which have lien rights, waiving those rights.
  • 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.

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