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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Words categorized under Legal-contracts

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burden of proof (BOP)Definition (Legal-contracts)
The legal requirement to provide enough evidence to win a lawsuit. In civil cases, such as tax court, the burden is decided by the preponderance -- the most -- evidence. Except in cases of tax fraud, the burden of proof in a tax case generally is on the taxpayer.
business (busn)Definition (Investments, Financial-banking, Abbreviation, Legal-contracts)
A company, either for-profit or non-profit.
bylawsDefinition (Real-estate, Legal-contracts)
The written rules governing an organization such as a homeowners association.
call optionDefinition (Mortgages, Legal-contracts)
A clause in a mortgage that gives the lender the right to request the balance at any time.
cancellation clauseDefinition (Legal-contracts)
A provision in a lease or other contract that spells out under what conditions the parties can call off the deal.
card holder agreementDefinition (Financial-banking, Legal-contracts)
A written agreement or contract between a credit card holder and the credit issuer that details the terms and conditions of a credit card account. This agreement must include the Annual Percentage Rate, the monthly minimum payment formula, the annual fee if applicable, and the cardholder's rights in billing disputes. Changes to the agreement can be made at any time by the issuer with prior written notice.
cash collateralDefinition (Financial-banking, Legal-contracts)
The proceeds of cash collected from the sale of liquid assets while in bankruptcy.
causationDefinition (Insurance, Legal-contracts)
A method of connecting an entity's conduct with an effect, which in some cases can prove legal liability.
caveatDefinition (Real-estate, Legal-contracts)
To give warning, notice or caution; beware.
certificate of occupancy (CO)Definition (Real-estate, Legal-contracts)
Authorization by a local government giving permission for someone to live in or use a building that has just been constructed or renovated.
  ➥  Zoning bylaw.
certificate of saleDefinition (Real-estate, Legal-contracts)
An affidavit issued at a judicial or tax sale that entitles the buyer to the deed to the property purchased after court confirmation.
certificate of titleDefinition (Real-estate, Legal-contracts)
A written document stating that the title to a piece of property is legally vested in the present owner.
chain of titleDefinition (Real-estate, Legal-contracts)
Legal records that trace ownership of a property from the most recent owner to the original owner.
change orderDefinition (Real-estate, Legal-contracts)
A document defining an alteration of construction plans.
claimDefinition (Insurance, Financial-banking, Legal-contracts)
A creditor's assertion of a right to payment from a debtor or the debtor's property.
clear titleDefinition (Real-estate, Legal-contracts)
Title not burdened by liens or legal questions.
clear-space clauseDefinition (Insurance, Legal-contracts)
A clause that requires insured property to be located a minimum distance from surrounding property.
closingDefinition (Mortgages, Real-estate, Legal-contracts)
In real estate, the delivery of a deed, the payment of the purchase price, the signing of notes, and the paying of closing costs, which completes a real estate transaction.
closing costsDefinition (Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
The miscellaneous expenses involved in closing a real estate transaction that are over and above the purchase price. Some of the closing costs include title insurance, appraisal fee.
co-signerDefinition (Mortgages, Financial-banking, Legal-contracts)
A person who signs a promissory note that is also signed by one or more other parties. All parties take responsibility for the debt if any of the others renege.
collateralDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
Any property pledged as security for repayment of a debt.
collateral source ruleDefinition (Insurance, Legal-contracts)
In tort law, the collateral source rule states that the tortfeasor (defendant) cannot deduct payments made by other parties to the plaintiff (such as insurance settlements) from what they are required to pay.
collusionDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A secret, deceitful agreement by two or more parties to defraud others.
common law (CL)Definition (Legal-contracts)
Traditional, unwritten law based on English custom.
  ➥  Laws developed by judges through court decisions and precedent.
common law marriage (CLM)Definition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
To be recognized as being married without foregoing a matrimonial ceremony.
common stock (CS)Definition (Investments, Financial-banking, Legal-contracts)
A security that allocates partial ownership in a corporation, but at a lower standing than preferred stocks.
comparative negligenceDefinition (Insurance, Legal-contracts)
The degree to which the claimant's own negligence factored into damages, and how much liability can be attributed to each party.
competentDefinition (Estate-management, Legal-contracts)
Legal ability to make decisions and enter into contracts.
confusio-lexicon maximusDefinition (Legal-contracts)
The rescinding of language in process when none is making nonsense less and therefore incurred but not reported deficiencies in mental capacities are not apparently un-obviously imposed.
consent judgementDefinition (Legal-contracts)
A judge's legally binding approval of a written agreement by the parties of a lawsuit.
considerationDefinition (Legal-contracts)
A thing of value that is negotiated as part of a contract.
consumer bankruptcyDefinition (Financial-banking, Legal-contracts)
A bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts.
contingencyDefinition (Real-estate, Legal-contracts)
A condition that must be met before a property sale can be completed, such as a home inspection or mortgage approval.
contingent liabilityDefinition (Insurance, Legal-contracts)
A legal responsibility to pay certain sums conditional on a future event such as a law suit or court case.
contractDefinition (Real-estate, Legal-contracts)
An agreement between two or more parties that can be enforced by law.
contract for deed (CFD)Definition (Real-estate, Legal-contracts)
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 holderDefinition (Investments, Real-estate, Insurance, Financial-banking, Legal-contracts)
The entity that holds the rights to a obligation or debt.
contract to purchaseDefinition (Real-estate, Legal-contracts)
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 lienDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A legal claim against property as a result of a voluntary contract, such as a mortgage.
contributory negligenceDefinition (Insurance, Legal-contracts)
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 clauseDefinition (Mortgages, Legal-contracts)
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.
conveyanceDefinition (Real-estate, Legal-contracts)
To move something.
corporationDefinition (Investments, Financial-banking, Legal-contracts)
A legal entity that is legally separate from its owners and employees.
covenantDefinition (Real-estate, Legal-contracts)
A promise made in a contract or property deed.
covenantorDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A person who promises to be responsible for the repayment of a loan.
defendantDefinition (Legal-contracts)
The accused party in a lawsuit or criminal trial.
demographicsDefinition (Investments, Insurance, Legal-contracts)
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.
dependentDefinition (Mortgages, Taxation, Legal-contracts)
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.
disclosureDefinition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
A statement listing potential defects to a property, such as the possible existence of lead paint or radon.
division of propertyDefinition (Legal-contracts)
The dividing of marital assets during a divorce.
Previous Page
Abandonment ClauseBundle of Rights
 
Currently Displayed — Page 2
Burden of Proof — Division of Property
  Next Page
Document Needs ListLand Contract

Search the Glossary

Index of Legal-contracts Terms

Page 1: Abandonment Clause
Bundle of Rights
Page 2: Burden of Proof
Division of Property
Page 3: Document Needs List
Land Contract
Page 4: Land Title
Pre-payment Clause
Page 5: Pre-payment Penalty
Tort
Page 6: Tort Law
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