Glossary Archive

A Minor’s Settlement Trust is a specific type of trust established to manage funds awarded to a minor as part of a legal settlement, typically in cases involving personal injury, wrongful death, or other claims. This trust ensures that the minor’s financial interests are protected and that they receive the funds in a controlled manner...

A Minor’s Trust is a legal arrangement established to manage and protect assets or property intended for the benefit of a minor child until they reach the age of majority, which is typically 18 in most jurisdictions. The purpose of a Minor’s Trust is to ensure that the minor's inheritance or gifts are handled appropriately,...

A Mirror Will is a type of legal document created by couples, typically spouses or partners, that reflects the same wishes regarding the distribution of their assets upon death. Each partner's will is essentially a mirror image of the other, ensuring that both individuals have similar provisions and intentions for their estates. In a typical...

Mitigation of Damages Clause A Mitigation of Damages Clause is a provision typically found in contracts that requires a party suffering a loss or damage to take reasonable steps to reduce or minimize that loss. This legal principle is grounded in the idea that a party should not be able to recover for losses that...

Mixed-Use Property Agreement A Mixed-Use Property Agreement is a legal document that governs the use and management of a property that combines different types of uses, such as residential, commercial, and sometimes industrial within a single development. These agreements are essential in defining the rights and responsibilities of property owners, tenants, and other stakeholders involved...

Mixed-Use Property Restriction Agreement A Mixed-Use Property Restriction Agreement is a legal contract that outlines specific limitations or regulations on a property that is designated for mixed-use development, which typically combines residential, commercial, and sometimes industrial spaces within a singular property or development. This type of agreement is essential for ensuring that the different uses...

Mortgage Amortization Schedule A mortgage amortization schedule is a detailed table that outlines each payment on a mortgage loan over time. It breaks down each payment into two components: the portion that goes toward interest and the portion that goes toward the principal balance. The schedule typically includes several key pieces of information for each...

Mortgage Assumption Clause A Mortgage Assumption Clause is a provision within a mortgage agreement that allows a borrower to transfer their existing mortgage obligation to another party. This means that the new borrower can take over the responsibilities of the mortgage, including the payment of principal and interest, as well as any associated conditions set...

Mortgage Deed Release A Mortgage Deed Release is a legal document that formally terminates the mortgage agreement between a borrower and lender once the loan has been paid in full. This document is essential for clearing the property title and ensuring that the borrower is no longer encumbered by the mortgage debt. When a borrower...

Mortgage Escrow Agreement A Mortgage Escrow Agreement is a legal arrangement that involves a third party, known as the escrow agent, who holds and manages funds or documents on behalf of the parties involved in a mortgage transaction. This agreement is typically utilized in real estate transactions to ensure that certain conditions are met prior...