Temiskaming Shores Real Estate Lawyer, Ontario

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LEGAL TERMS

SHORT SALE (OF HOUSE)

A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale ... (more...)
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. See also deed in lieu (or foreclosure).

NONDISCLOSURE AGREEMENT

A legally binding contract in which a person or business promises to treat specific information as a trade secret and not disclose it to others without proper a... (more...)
A legally binding contract in which a person or business promises to treat specific information as a trade secret and not disclose it to others without proper authorization. Nondisclosure agreements are often used when a business discloses a trade secret to another person or business for such purposes as development, marketing, evaluation or securing financial backing. Although nondisclosure agreements are usually in the form of written contracts, they may also be implied if the context of a business relationship suggests that the parties intended to make an agreement. For example, a business that conducts patent searches for inventors is expected to keep information about the invention secret, even if no written agreement is signed, because the nature of the business is to deal in confidential information.

VARIANCE

An exception to a zoning ordinance, usually granted by a local government. For example, if you own an oddly shaped lot that could not accommodate a home in acco... (more...)
An exception to a zoning ordinance, usually granted by a local government. For example, if you own an oddly shaped lot that could not accommodate a home in accordance with your city's setback requirement, you could apply at the appropriate office for a variance allowing you to build closer to a boundary line.

SETBACK

The distance between a property boundary and a building. A minimum setback is usually required by law.

DIRECTOR

A member of the governing board of a corporation, typically elected at an annual meeting of the shareholders. Directors are responsible for making important bus... (more...)
A member of the governing board of a corporation, typically elected at an annual meeting of the shareholders. Directors are responsible for making important business decisions -- especially those that legally bind the corporation -- leaving day-to-day management to officers and employees of the corporation. For example, a decision to borrow money, lease an office or buy real property would normally be authorized by the board of directors. However, in the small business world, where it is common for owners to be directors, officers and employees simultaneously, distinctions dividing the roles and responsibilities of these groups are often blurred.

INVITEE

A business guest, or someone who enters property held open to members of the public, such as a visitor to a museum. Property owners must protect invitees from d... (more...)
A business guest, or someone who enters property held open to members of the public, such as a visitor to a museum. Property owners must protect invitees from dangers on the property. In an example of the perversion of legalese, social guests that you invite into your home are called 'licensees.'

TORTIOUS INTERFERENCE

The causing of harm by disrupting something that belongs to someone else -- for example, interfering with a contractual relationship so that one party fails to ... (more...)
The causing of harm by disrupting something that belongs to someone else -- for example, interfering with a contractual relationship so that one party fails to deliver goods on time.

TENANT

Anyone, including a corporation, who rents real property, with or without a house or structure, from the owner (called the landlord). The tenant may also be cal... (more...)
Anyone, including a corporation, who rents real property, with or without a house or structure, from the owner (called the landlord). The tenant may also be called the 'lessee.'

REFUGEE

In the context of U.S. immigration law, people who have been allowed to live in the United States indefinitely to protect them from persecution in their home co... (more...)
In the context of U.S. immigration law, people who have been allowed to live in the United States indefinitely to protect them from persecution in their home countries. Refugees get their status before coming to the U.S., while asylum seekers obtain their status after arrival. Refugees may eventually get green cards.

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