Terms with Tag Contract
- 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 (doc) — Abbreviation,
- 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.
- Earnest Money Contract (EMC) — Acronym,
- 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.
- Education Savings Plan (ESP) — Acronym, Canada,
- A savings vehicle used to save for a child's post-secondary education.
➥ Offers tax-free earnings. - Emergency Equipment Rental Agreement (EERA) — Acronym,
- 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.
- 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.
- Extended Warranty Replacement Agreement (EWRA) — Acronym,
- 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.
- Filing Extension — Definition,
- An additional amount of time to file your return. A filing extension, however, does not give you more time to pay your taxes.
- Financial Responsibility Laws — Definition,
- A type of law that requires an entity to be capable of paying for damages in the event of a potential claim.
- First Lien — Definition,
- Primary claim by the lender for satisfaction of outstanding debt. A first mortgage creates a first lien.
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Demographics -
Easement
Easement
