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Abandonment of Property means to vacate a property with a definite intention never to return.

Abstract of Title is a registry system. It is a condensed history of the title to a parcel of land. The abstract consists of a synopsis of every recorded instrument affecting the title to that land arranged in chronological order of recording.

Accelerated Weekly Payment is a mortgage repayment plan in which the borrower makes 52 payments per year instead of 48 which would be required if the payment plan called for four payments per month. The extra four payments each year have the effect of "accelerating" the repayment of the mortgage.

Amortization Period is the time over which the mortgage is to be completely repaid, assuming equal payments.

Amortization Schedule is a table showing the amounts of principal and interest which make up each of the periodic level payments and the outstanding principal balance of the loan after each level payment is made.

Amortized Mortgage is a mortgage requiring regular payments which include both principal and interest sufficient to fully repay the loan by maturity.

Appraisal is an independent, unbiased report that uses various analysis techniques and market research to determine the realistic value of a property.

Arrears is an overdue payment.

Assignment of Mortgage is the transfer ofownership of mortgage from one party to another.

Assumable Mortgage is an existing mortgage which can be taken over (assumed) by the buyer of a property when that property is sold.

Attachment is the seizure of property by court order.


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Walter Pawlowski Ontario Mortgage Agent M11002486