Loring Real Estate Lawyer, Ontario, page 4

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LEGAL TERMS

INDEPENDENT CONTRACTOR

A legal category of worker defined by the Internal Revenue Service. The key to the definition is that, unlike employees, independent contractors retain control ... (more...)
A legal category of worker defined by the Internal Revenue Service. The key to the definition is that, unlike employees, independent contractors retain control over how the work they are hired to do gets done; the person or company paying the independent contractor controls only the outcome--the product or service.

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).

EASEMENT BY PRESCRIPTION

A right to use property, acquired by a long tradition of open and obvious use. For example, if hikers have been using a trail through your backyard for ten year... (more...)
A right to use property, acquired by a long tradition of open and obvious use. For example, if hikers have been using a trail through your backyard for ten years and you've never complained, they probably have an easement by prescription through your yard to the trail.

SEVERANCE PAY

Funds, usually amounting to one or two months' salary, frequently offered by employers to workers who are laid off. No law compels employers to provide severanc... (more...)
Funds, usually amounting to one or two months' salary, frequently offered by employers to workers who are laid off. No law compels employers to provide severance pay, although the employer may be legally obligated to do so if it was promised in a contract or employees' handbook.

DONATION

A gift of property. The IRS allows you to take an income tax deduction for the value of donations made to charitable organizations who are recognized as such by... (more...)
A gift of property. The IRS allows you to take an income tax deduction for the value of donations made to charitable organizations who are recognized as such by the IRS.

SEIZURE

The taking of physical evidence or property by law enforcement officials. This runs the gamut from taking blood for a drug test to impounding a car used in a ro... (more...)
The taking of physical evidence or property by law enforcement officials. This runs the gamut from taking blood for a drug test to impounding a car used in a robbery. The police must generally obtain a search warrant, or court order, before they can seize personal property.

RIGHT OF SURVIVORSHIP

The right of a surviving joint tenant to take ownership of a deceased joint tenant's share of the property. See joint tenancy.

CONSIDERATION

The basis of a contract. Consideration is a benefit or right for which the parties to a contract must bargain; the contract is founded on an exchange of one for... (more...)
The basis of a contract. Consideration is a benefit or right for which the parties to a contract must bargain; the contract is founded on an exchange of one form of consideration for another. Consideration may be a promise to perform a certain act -- for example, a promise to fix a leaky roof -- or a promise not to do something, such as build a second story on a house that will block the neighbor's view. Whatever its particulars, consideration must be something of value to the people who are making the contract.

ELEMENTS (OF A CASE)

The component parts of a legal claim or cause of action. To win a lawsuit, a plaintiff must prove every element of a legal claim. For example, here are the elem... (more...)
The component parts of a legal claim or cause of action. To win a lawsuit, a plaintiff must prove every element of a legal claim. For example, here are the elements of a breach of contract claim: There was a valid contract. The plaintiff performed as specified by the contract. The defendant failed to perform as specified by the contract. The plaintiff suffered an economic loss as a result of the defendant's breach of contract.