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GLOSSARY |
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| A B C D E F G H I J K L M N O P Q R S T U V W X Y Z |
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ACCELERATION CLAUSE
A clause in the mortgage document which accelerates the maturity date and states that upon default, the principal sum of the mortgage and accrued interest falls due. |
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ACCRUED INTEREST
Interest which has accumulated unpaid since last payment date. |
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ADD-ON INTEREST
An interest amount added to the principal of a debt and made payable as part of the debt , usually in equal periodic installments (also called Pre-calculated interest). |
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AFFIDAVIT
A statement of declaration in writing and sworn or affirmed before an authorized individual, such as a notary public. |
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AGENCY
A relationship which arises out of a contract, where an agent is authorized by a principal to engage in certain acts, usually in dealing with one or more third party(s). |
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AGREEMENT OF PURCHASE AND SALE
A written contract to buy property in which the purchaser and vendor agree to sell upon terms and conditions as set forth in the agreement. |
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AMORTIZATION
The gradual retirement of a debt by means of partial payments of the principal at regular intervals. |
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AMORTIZATION OF A MORTGAGE
The arrangement for paying off a mortgage by installments, over a period of time. |
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AMORTIZATION PERIOD
The time period required to completely retire a debt through scheduled payments of principal. |
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ANNIVERSARY DATE
The occasion of one year from an event pertaining to a mortgage. (Eg. Registration date or interest adjustment date) |
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APPRAISED VALUE
An estimate of property value written by a qualified individual (AACI). Appraisals performed for mortgage lending purposes, may not reflect the market value of the property, or the purchase price. |
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APPURTENANCE
Something which is outside the property itself, but belongs to the land and is joined thereto; eg. a road over another's land providing an access (right-of-way) is an appurtenance. |
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APR (Annual Percentage Rate)
The yearly interest percentage of a mortgage as expressed by the actual rate of interest paid given the term, rate, amount and cost of arrangement. |
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ARM (Adjustable Rate Mortgage)
A mortgage for which the interest rate is adjusted periodically according to movements in a pre-selected index (i.e. Prime Rate). |
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ARREARS
To be in arrears is to be behind in the payments called for under a mortgage agreement. |
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ASSESSED VALUE
An amount assigned to taxable property, for the purpose of calculating property taxation. |
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ASSIGNEE
One who takes the rights or title of another by assignment. |
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ASSIGNMENT OF MORTGAGE
The assigning of a mortgagee's interest in the mortgage to a new mortgagee. |
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ASSIGNMENT OF RENT
The redirection of rental income to a Mortgagee, usually in the event of default. |
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ASSIGNOR
One who transfers or assigns the rights or title to another. |
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ASSUMPTION AGREEMENT
A document which binds someone other than the mortgagor, to perform mortgage obligations. |
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ASSUMPTION OF MORTGAGE
The action of a purchaser taking responsibility for a mortgage debt by way of a legal agreement. The original covenantor(s) responsibility pursuant to the mortgage obligation remains intact in such arrangement, unless released by the mortgagee. See Release of Contract. |
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AUTHORITY
The legal right given by a principal to an agent to act on the principal's behalf in performing specific acts or negotiations. |
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| A B C D E F G H I J K L M N O P Q R S T U V W X Y Z |
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