Terms with Tag Legal
- Non-assumption Clause — Definition,
- A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.
- Non-Cancellable — Definition,
- A contract or section of a contract that cannot be modified.
- Non-Forfeiture Clause — Definition,
- A clause that allows a policyholder to receive partial or full benefits and/or a refund of premiums if the policy lapses due to unpaid premiums.
- Not-for-Profit — Definition,
- An Organization operated solely for: social welfare, civic improvement, pleasure or recreation, or any other purpose except profit.
- Note — Definition,
- A legal acknowledgement of a debt and an implicit promise to repay. It includes the loan amount, interest rate and term.
- Notice of Default (NOD) — Acronym, Important,
- The step in the foreclosure process where the lender informs the court that the borrower is in arrears.
- Nova Scotia Barristers' Society (NSBS) — Company Est. 1797, Nova Scotia, Canada, ➥ Regulator of legal professionals in Nova Scotia.
- Nova Scotia Court of Appeal (NSCA) — Company, Nova Scotia, Canada, ➥ Highest court in Nova Scotia.
- Occurrence — Definition,
- An event that triggers the need for insurance coverage.
- Offer — Definition,
- To propose or give something.
- Ontario Trial Lawyers Association (OTLA) — Company Est. 1991, Ontario, Canada,
- Option — Definition,
- A legal agreement giving someone the right to buy, sell or lease a property or item at specified terms for a specified period.
- Oral Agreement — Definition,
- A spoken, unwritten legal agreement, worth the paper it's printed on.
- Penalty — Definition,
- In mortgage terms, a penalty is a set rate or length of time the penalty will be charged based on the remaining loan amount. The penalty is usually three months interest or interest rate differential.
- Peril — Definition,
- Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
- Period of Indemnity — Definition,
- The amount of time where insurance benefits are required to be paid by an insurance policy.
- Personal Loan Agreement (PLA) — Acronym, Important,
- When a small amount of money is involved, an IOU or signed promise may be written between parties stating the terms and timeframe needed to pay back a loan.
➥ See IOU. - Plaintiff — Definition,
- The party who initiates a lawsuit.
- Point of Commencement (POC) — Acronym,
- Policy — Definition,
- A set of rules or guidelines.
- An insurance contract.
- Policy Declarations — Definition,
- The section of the insurance policy that declares the specifics of the insurance policy including premiums, named perils, and policy limits, amongst others.
- Power of Attorney (POA, PA) — Acronym,
- A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and cheques, for example.
- Power of Sale — Definition,
- The right of a mortgagee to force the sale of the property without judicial proceedings should default occur.
- Pre-approval Letter — Definition,
- A document from a lender or broker, estimating how much a potential home-buyer could borrow, based on current interest rates and a preliminary look at credit history.
- Pre-payment Clause — Definition,
- A clause that stipulates the amount of principal a borrower may prepay ahead of schedule without penalty as well as the prepayment penalty for larger prepayments.
- Pre-payment Penalty — Definition,
- A lender's charge to the borrower for paying off the loan before the end of the term.
- Preferred Stock — Definition,
- A type of security that signifies part ownership in a corporation and is given preferential treatment over common stocks.
- Probate Sale — Definition,
- Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
- Programmatic Environmental Impact Statement (PEIS) — Acronym,
- Property Report — Definition,
- A legal document prepared by a surveyor that shows the locations of all visible public and private improvements relative to property boundaries.
- A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
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Non-assumption Clause -
Ontario Trial Lawyers Assoc...
Ontario Trial Lawyers Assoc...
