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Unconscionable Transactions are similar to Undue Influence. This situation occurs when there is disproportion of power between individuals, with the weaker individual in the control of the stronger individual, and acting under that person's direction in an unreasonable and unfair manner.

Underwriting is the process undertaken by lenders and insurers to verify the mortgage application information and supporting documentation submitted, make an assessment of risk on both the applicant(s) and the property, and approve or decline the mortgage loan.

Undue Influence has a subjective boundaries. It occurs when one party suffers pressure (non-physical force such as manipulation or persuasion) to enter a contract against his or her wishes or interest. Evidence of such control may result in invalidation of the agreement by the courts.

Unenforceable Contract is similar to void contracts, it can not be acted upon. Typically oral contracts are unenforceable.

Unilateral Mistake happens when one party is mistaken while the other party is aware of it and makes no attempt to rectify it.

Unities are four conditions required to create and maintain joint tenancy. They are time, title, interest and possession.

  • Title - all joint tenants must obtain their interest from the same document.
  • Time - all joint tenants must receive their interest at the same time.
  • Possession - each interest is an undivided interest in the whole of the property.
  • Interest - all joint tenants must have the same interest (extend, nature, duration) in the land.

Usury Rate is the maximum legal rate for interest, discounts, or other fees that may be charged for the use of money.

 

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Walter Pawlowski Ontario Mortgage Agent M11002486