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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Words categorized under Legal-contracts

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Land TitlePre-payment Clause
 
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pre-payment penaltyDefinition (Mortgages, Financial-banking, Legal-contracts)
A lender's charge to the borrower for paying off the loan before the end of the term.
predatory lending (PL)Definition (Investments, Mortgages, Financial-banking, Legal-contracts)
Lending practices that are unfair, deceptive or fraudulent.
preferred stockDefinition (Investments, Legal-contracts)
A type of security that signifies part ownership in a corporation and is given preferential treatment over common stocks.
probate saleDefinition (Estate-management, Real-estate, Financial-banking, Legal-contracts)
Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
promissory note (PN)Definition (Financial-banking, Legal-contracts)
A written promise to repay a loan by a specified time.
property reportDefinition (Real-estate, Legal-contracts)
A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
proprietorDefinition (Real-estate, Financial-banking, Legal-contracts)
The owner of a business or property.
province of domicileDefinition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
The province where an individual lives or intends to live permanently or for a long term, regardless of the individual's current location.
quantum meruitDefinition (Financial-banking, Legal-contracts)
Used in contract law it means "reasonable value of services."
real estate attorneyDefinition (Mortgages, Real-estate, Taxation, Legal-contracts)
A lawyer who specializes in the transfer of land and buildings and property tax issues.
receivershipDefinition (Investments, Mortgages, Financial-banking, Legal-contracts)
A form of bankruptcy where a person is appointed to take control of a company and is responsible for recouping unpaid debts.
reconveyanceDefinition (Mortgages, Legal-contracts)
The transfer of title to the borrower after a mortgage has been paid fully.
renewable termDefinition (Insurance, Legal-contracts)
An insurance policy that is can be renewed without needing the policyholder to re-qualify for insurance coverage.
rent-to-own (RTO)Definition (Mortgages, Real-estate, Financial-banking, Legal-contracts)
An agreement to purchase an asset after a series of rental payments.
rental agreement (RA)Definition (Real-estate, Financial-banking, Legal-contracts)
A document that states the terms and conditions for tenancy of a dwelling.
repossessionDefinition (Mortgages, Financial-banking, Legal-contracts)
The taking back of property after a borrower has stopped making payments.
rescissionDefinition (Legal-contracts)
Cancellation of a contract by agreement of the parties.
resident alienDefinition (Mortgages, Legal-contracts)
A person who is a legal permanent resident, but not a citizen, of Canada.
reverse takeoverDefinition (Investments, Financial-banking, Legal-contracts)
The purchase of a public company by a private company, often to avoid the IPO process.
riderDefinition (Insurance, Legal-contracts)
Additional insurance coverage that can added onto another insurance policy.
right of first refusalDefinition (Real-estate, Financial-banking, Legal-contracts)
An agreement by an owner to give another party an opportunity to buy the property before it is offered to anyone else.
royalty incomeDefinition (Investments, Taxation, Financial-banking, Legal-contracts)
Payment for the use and exploitation of certain kinds of property, such as artistic or literary works, patents and mineral rights.
sales contractDefinition (Real-estate, Legal-contracts)
A legal written document that details the agreed upon conditions between a seller and a buyer regarding the sale of a specific property. Also called an "Agreement of Sale."
seasonal unemploymentDefinition (Mortgages, Taxation, Financial-banking, Legal-contracts)
The loss of jobs due to changes in the climate and other conditions. Forestry, fishing and construction are affected by climate, while retailing is affected by seasons and holidays. For instance, at Christmas, retail employment is higher than in January.
settlementDefinition (Legal-contracts)
An agreement between the parties of a legal case.
settlement statementDefinition (Legal-contracts)
A document that details who has paid how much to whom.
share certificateDefinition (Financial-banking, Legal-contracts)
A certificate of deposit issued by a credit union that pays a specific dividend if held for a specific period. It's the credit union equivalent of a certificate of deposit. A penalty is usually assessed if all or any of the principal is withdrawn before maturity.
sole proprietorshipDefinition (Investments, Financial-banking, Legal-contracts)
A business owned by an individual where no legal distinction is made between the business and the owner.
solicitor informationDefinition (Mortgages, Legal-contracts)
When you apply for a mortgage you will need a law firm with a lawyer's name and their contact information which would typically include the office location, phone number, fax number and e-mail address.
specific performanceDefinition (Legal-contracts)
A remedy in a court of equity compelling a defendant to carry out the terms of an agreement or contract. It is available only where the remedy of damages cannot afford adequate relief to the plaintiff.
statuteDefinition (Legal-contracts)
A law established by an act of the legislature.
statute of frauds (SOF)Definition (Real-estate, Legal-contracts)
A law which provides that certain contracts must be in writing to be enforceable at law. This includes real estate contracts.
statute of limitations (SOL)Definition (Legal-contracts)
A period of time specified by statute within which an action at law must be brought or else be forfeited.
statutory liabilityDefinition (Insurance, Legal-contracts)
Liability that is assigned by law and is not open for interpretation.
stockDefinition (Investments, Financial-banking, Legal-contracts)
A share of the ownership of a company.
subletDefinition (Investments, Real-estate, Legal-contracts)
An arrangement where a tenant leases property to a subtenant.
subrogationDefinition (Insurance, Legal-contracts)
When an insurance company has the right to take legal action against a third party for damages.
surrender chargeDefinition (Estate-management, Annuities, Insurance, Legal-contracts)
A charge levied when a life insurance policyholder cancels his or her policy.
surrender rightsDefinition (Estate-management, Annuities, Insurance, Legal-contracts)
The contractual right for a life insurance or annuity policyholder to cancel his or her policy.
survivorshipDefinition (Estate-management, Legal-contracts)
The right of a person to secure ownership by reason of his/her outliving someone with whom s/he shared undivided interest in the land.
sweat equityDefinition (Mortgages, Financial-banking, Legal-contracts)
The value of the work put into a house by its owner. This can be used in place of a full down payment. Up to and including 50% of a down payment.
takeoverDefinition (Investments, Financial-banking, Legal-contracts)
The purchase of a company by another.
tax-shelteredDefinition (Investments, Estate-management, Annuities, Taxation, Financial-banking, Legal-contracts)
A savings or investment plan that offers significant tax savings.
tenantDefinition (Real-estate, Financial-banking, Legal-contracts)
One who rents property.
termDefinition (Investments, Mortgages, Insurance, Financial-banking, Legal-contracts)
The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.
titleDefinition (Real-estate, Legal-contracts)
Evidence of a person's right to possession ownership of a property.
title defectDefinition (Real-estate, Legal-contracts)
A legal claim by others to property, or the right to make demands upon an owner.
title reportDefinition (Mortgages, Real-estate, Insurance, Legal-contracts)
A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."
title searchDefinition (Real-estate, Legal-contracts)
A check of public records to make sure that the owner of real property has the right to transfer ownership. A title search is designed to spot gaps in the chain of title, liens, problems with the legal description of the property, judgements against the owner, and the like.
tortDefinition (Legal-contracts)
An act that causes harm or loss.
Previous Page
Land TitlePre-payment Clause
 
Currently Displayed — Page 5
Pre-payment Penalty — Tort
  Next Page
Tort LawX

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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Notable Terms

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