Terms with Tag Contract
- Abandonment Clause — Definition,
- A clause that allows the insured to abandon damaged or lost property without losing insurance benefits.
- Abstract of Judgement — Definition,
- A court document that states how much the loser of a lawsuit owes, and which creates a lien, or a claim on property, when filed with the county recorder where the property is owned.
- Abstract of Title (ab) — Abbreviation,
- A written history of all the transactions that bear on the title to a specific piece of land. An abstract of title covers the time from when the property was first sold to the present.
➥ AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds. - Acceleration Clause — Definition,
- A provision within a document that explains how the lender expects payment for a loan, in due haste.
- Acceptance — Definition,
- A property seller's formal, written approval of a buyer's offer.
- Accident and Indemnity (A&I) — Acronym, ➥ An insurance liability agreement.
- Accidental Damage Waiver (ADW) — Acronym,
- Account Agreement — Definition,
- An agreement that you sign and which lists your rights and responsibilities and the bank's rights and responsibilities for the bank account.
- Accrue — Definition,
- To gather together an amount often over a period of time.
- Act of God (AOG) — Acronym,
- When used in insurance policies, an event caused by natural forces such as hail, rain, tornado, lightning, floods or earthquakes, which results in damage to property.
- Addendum — Definition,
- A change made to a contract.
- Administrative Service Contract (ASC) — Acronym,
- Adverse Possession — Definition,
- A means of getting title to land by using it without the objection of the title holder.
- Adverse Use — Definition,
- Use of someone's property without permission.
- Affidavit — Definition,
- A written statement sworn to before an authorized official such as a notary public, or commissioner for oaths.
- Agency (agcy) — Abbreviation,
- A relationship between two parties -- a client and an agent -- in which the agent represents the client in transactions with a third party.
- Agency Closing — Definition,
- The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.
- Agreed Boundary — Definition,
- Property lines that are drawn to settle a dispute between neighbouring property owners.
- Agreement of Sale (AOS) — Acronym,
- A document in which a property's buyer and seller approve the price and other terms of the transfer of title.
- Alienation Clause — Definition,
- A requirement that the borrower pay the mortgage in full upon transfer of the property.
- Alimony — Definition,
- Monthly payments received by an ex-spouse. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
- Annex — Definition,
- To add one thing onto another.
- Annual Administrative Fee — Definition,
- An annual (yearly) fee charged for the administration of a service.
- Annuity and Supplementary Contract (ASC) — Acronym,
- Anticipatory Breach — Definition,
- A notification that one party to a contract plans to renege, releasing the other party from having to fulfill its end of the agreement.
- Arbitration — Definition,
- A dispute-resolution method in which an impartial third party, agreed upon by all sides beforehand, makes a decision.
- As is Where is — Definition,
- The buyer must examine the goods or property and buy at his or her own risk.
- Assessments — Definition,
- Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
- Asset — Definition,
- Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others including bank accounts, stocks, mutual funds, and so on.
- Asset Case — Definition,
- A bankruptcy proceeding where there are non-exempt assets that might be accessible to pay creditor's claims.
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Abandonment Clause -
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