Canadian Mortgage and Insurance Rates,
Mortgage and financial calculator, news & quotes.
Mortgage and financial calculator, news & quotes.
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Abandonment When the condition of ownership for a property becomes a burden or is troublesome to the owner, he or she may choose to become a nonpayer and abandon the property. In the event of "abandonment," creditors can seek to recover their money as the property is no longer part of the estate. |
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Abstract of Judgment When a judgment is made in a lawsuit, a court document is drafted that states how much the person who lost the lawsuit owes. This document can create a lien or a claim on property when it is filed with the country recorder where the property is owned. |
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Abstract of Title An abstract of title is a historical account of all transactions conducted on the title to a specific property or piece of land. This title covers the property from the first sale to the present and is used by the title company to produce a title binder. |
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Acceleration Clause Mortgage documents may contain an Acceleration Clause to protect the lender in the event of a default. The clause enables the lender to make the entire principal amount of a mortgage due in the event of a default by speeding up the payment date. |
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Acceptance Acceptance refers to the formal written approval when a property seller accepts the offer made by the buyer for purchasing the property. |
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Account Agreement An account agreement is a set of conditions that outline both your rights and responsibilities and those of the bank concerning your bank account. This agreement must be read, agreed upon, and signed before your account is activated. |
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Accounting Method Accounting method refers to how individuals or businesses keep their financial records. A common accounting method for both individuals and small businesses is the cash method, even though businesses with inventory are required to use the accrual method. See also "Accrual Method" or "Cash Method." |
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Accounts Payable Money owed by a business for goods and services provided without pre-payment. |
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Accounts Receivable Money owed to a business by purchasers who are not required to make a payment prior to receiving goods and/or services. |
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Accredited Mortgage Professional The Accredited Mortgage Professional (AMP) is Canada’s national designation for mortgage professionals. Launched in 2004, the AMP was developed by CAAMP (formerly CIMBL) as part of an ongoing commitment to increasing the level of professionalism in Canada’s mortgage industry through the development of educational and ethical standards. Consumers should know that the AMP designation sets a single national proficiency standard for Canada’s mortgage professionals. Click here to visit website. |
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Accrual Method In business accounting, the accrual method refers to reporting income in the year it was earned along with any expenses incurred, rather than reporting the income and expenses when payment is received or made. For example, if you renovated a basement and billed the customer in December 2004, the amount you charged is reported in 2004 as income even if the customer did not pay until the following year. Also, if you own a business that keeps an inventory, you are also required to use this method of business accounting. |
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Accrue To gather together an amount often over a period of time. |
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Accrued Interest Interest which has already been earned, but has not yet been paid. |
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Acquiring Financial Institution To receive credit for credit card transactions, merchants must have and maintain an account with an acquiring financial institution so that daily credit card totals can be deposited into the merchant’s account minus any fees owed to the acquiring financial institution. |
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Acquisition Fee Some leasing companies charge a fee for initiating the original loan. This is similar to mortgage lenders who charge additional percentage points as an origination fee. This fee is often not specified in a contract, but is included in the cost when calculating monthly payments. |
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Acre A plot of land 180 by 242 feet is equal to one acre or 43,560 square feet. |
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Acre Foot An acre foot is equivalent to 325,851 gallons of material (water or other) that is needed to cover an acre of land one foot deep. |
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Act of God This term is generally used in insurance policies and refers an event caused by natural forces that results in damage to property. Natural forces can include hail, rain, tornados, lightning, floods, and earthquakes. |
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Active Income Active income refers to wages, tips, and profits from your business or employment that you partake in. It also includes portfolio income such as interest and dividends, but you cannot usually offset active income with passive losses. See also "Non-passive Income." |
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Actual Age The actual age (usually in years) of a structure since building was complete.This differs from effective age. |
