Terms with Category Legal Contracts
- Conversion Clause — Definition,
- A provision that may appear in an adjustable-rate loan agreement allowing the loan to be changed to a fixed-interest rate loan, usually for an additional charge.
- Conveyance — Definition,
- A document that transfers a property title.
- To move something.
- Corporation — Definition,
- A legal entity that is legally separate from its owners and employees.
- Covenant — Definition,
- A promise made in a contract or property deed.
- Covenantor — Definition,
- A person who promises to be responsible for the repayment of a loan.
- Defendant — Definition,
- The accused party in a lawsuit or criminal trial.
- Demographics — Definition,
- Characteristics of the population that influence consumption of products and services. They include age, sex, race, family size, level of education, occupation, income and location of residence.
- Dependent — Definition,
- A person who relies on someone else for financial support. If you have dependents, you can claim them as exemptions, which will reduce the amount of your income that is taxed.
- Disclosure — Definition,
- A statement listing potential defects to a property, such as the possible existence of lead paint or radon.
- A statement required by most provinces that requires the creditor to tell the debtor the annual percentage rate, finance charges and other terms of a loan.
- Division of Property — Definition,
- The dividing of marital assets during a divorce.
- Document Needs List — Definition,
- An inventory of papers a lender needs to underwrite a loan, usually including pay-cheque stubs, bank statements and tax returns.
- Documentary Credit — Definition,
- Written undertaking by a bank on behalf of an importer authorizing an exporter to draw drafts on the bank up to a specified amount under specific terms and conditions. They are used to facilitate international trade. In the United States these instruments are called commercial letters of credit.
- Domicile — Definition,
- A person's permanent residence.
- Due-on-sale Clause — Definition,
- A condition of a mortgage that states that the loan must be paid when the house is sold. Commonly used in reverse mortgage lending.
- Easement — Definition,
- A means by which access or right of way is granted by law if an owner of a property is negligent in restricting access or enforcing trespassing laws for ten years or more.
- Giving persons other than the owner access to or over a property.
- Employment Equity Act (EEA) — Acronym, Canada,
- A federal statute that requires employers with 100 or more employees to eliminate any practices in the workplace discriminating against four designated groups of people who have historically been disadvantaged in the labour market: women; people who, by reason of race or colour, are members of visible minority groups; aboriginal peoples; and persons with disabilities.
- Encroachment — Definition,
- An improvement, such as a fence, that illegally extends onto another property or impedes the neighbour's use of that property.
- Encumbrance — Definition,
- Anything that affects or limits the clear and free title to a property, such as mortgages, leases, easements, or restrictions.
- Environmental Impact Statement (EIS) — Acronym,
- A government-required evaluation of how construction will affect the environment surrounding a site.
- Equity — Definition,
- Ownership in an asset.
- The value of a property minus outstanding mortgage debt and other liens.
- Escrow Agent — Definition,
- A neutral third party who holds the documents and money in a real-estate transfer until all conditions are met.
- Estate — Definition,
- The ownership interest of an individual in real property.
- The total sum of all the real property and personal property owned by an individual at time of death.
- Eviction — Definition,
- The act of kicking someone out of a property, usually for violating terms of a lease.
- Examination of Title — Definition,
- A review of public records and title abstracts to determine the chain of ownership of a property.
- Exclusive Listing — Definition,
- A legal agreement giving one real-estate agent the right to sell a property for a specified period, but owners retain the right to sell their property themselves without paying the agent commission.
- Extended Warranty — Definition,
- A service contract that covers certain vehicle repairs or problems after the manufacturer's or dealer's warranty expires. Extended warranties are sold by vehicle manufacturers, dealers, and independent companies. With a new vehicle, the extended warranty must be purchased by the end of the first year of ownership.
- Fee Simple — Definition,
- Outright ownership of real estate, free of any liens or other claims against title.
- Fee Simple Defeasible — Definition,
- When a person has outright ownership of real estate (free of any liens or other claims against title), but the use of the property is restricted.
- Fiduciary — Definition,
- An individual, company, or association that manages assets for another party. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy, and those responsible for managing the finances of a minor.
- Fiduciary Duty — Definition,
- A requirement that someone in a position of trust, such as a banker, real-estate agent, or title agent, must act in good faith and trust on behalf of a client.
4.
Conversion Clause -
Division of Property
Division of Property
10.
