Terms with Tag Legal
- Abandonment — Definition,
- A disclaimer of ownership by the trustee or debtor in property deemed burdensome or inconsequential. Once property has been "abandoned" it is no longer the property of the estate and creditors can seek to recover their money.
- Abandonment Clause — Definition,
- A clause that allows the insured to abandon damaged or lost property without losing insurance benefits.
- Absolute Priority Rule (APR) — Acronym,
- A rule where creditors get paid before a shareholder on outstanding debts or claims when liquidating or reorganizing a company.
➥ In relation to creditor claims. - 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.
- 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.
- Addendum — Definition,
- A change made to a contract.
- 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.
- Anti Money Laundering and Combating the Financing of Terrorism (AMLCFT) — Acronym,
- Anti-Money Laundering (AML) — Acronym,
- Anti-Money Laundering - Combating the Financing of Terrorism (AML-CFT) — Acronym,
- Anti-Money Laundering Program (AMLP) — Acronym,
- Many insurance and investment firms, with the assistance of regulatory organizations, have programs in place to help prevent money laundering. These programs are designed to recognize techniques and risks as well as to aid in the process of verification of clients and their accounts.
- Anti-Money Laundering Regulation (AMLR) — 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.
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Abandonment -
Adverse Possession
Adverse Possession
