Terms with Tag Legal
- Consideration — Definition,
- A thing of value that is negotiated as part of a contract.
- Consumer Bankruptcy — Definition,
- A bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts.
- Contingency — Definition,
- A condition that must be met before a property sale can be completed, such as a home inspection or mortgage approval.
- Contingent Liability — Definition,
- A legal responsibility to pay certain sums conditional on a future event such as a law suit or court case.
- Contract — Definition,
- An agreement between two or more parties that can be enforced by law.
- Contract For Deed (CFD) — Acronym,
- An agreement for sale of property in which the buyer takes possession while making payments, but the seller holds title until full payment is made. Also called a land contract.
- Contract Holder — Definition,
- The entity that holds the rights to a obligation or debt.
- Contract to Purchase — Definition,
- A document in which a property's buyer and seller approve the price and other terms of the transfer of title. Also known as an agreement of sale, a purchase contract or a sale contract.
- Contractual Lien — Definition,
- A legal claim against property as a result of a voluntary contract, such as a mortgage.
- Contributory Negligence — Definition,
- A legal defence that can be applied if the plaintiff is at least partially responsible for a harm, and if they are found partially liable, they can be denied any compensation.
- 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.
- Custodial Parent (CP) — Acronym,
- Parent or guardian having legal custody of a minor child.
- Deed (D) — Acronym, Very Important,
- A document that provides title to property and is filed with a country recorder.
➥ Used to transfer ownership of assets, often land or automobiles. - 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.
- Draft Environmental Impact Statement (DEIS) — Acronym,
- Draft Supplemental Environmental Impact Statement (DSEIS) — Acronym,
- 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.
- Durable Power of Attorney (DPA, DPOA) — 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.
4.
Consideration -
Conversion Clause
Conversion Clause
