Tag: Mortgages
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Capital Growth
Capital growth in the Context of Mortgages Where the original amount you invest increases over a period of time. Generally this is achieved by interest or dividends being added back to an account for reinvestment. Similar Terms Capital Capital In the context of mortgages, capital describes the […]
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Assessed Value
Assessed value in the Context of Mortgages A determination by a tax assessor of the value of a home in order to calculate a tax base.
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Contract
Definition of Contract In accordance with the work A Dictionary of Law, this is a description of Contract : A legally binding agreement. Agreement arises as a result of *offer and *acceptance, but a number of other requirements must be satisfied for an agreement to be legally binding. (1) […]
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Bailiff
Definition of Bailiff Bailiffs and enforcement officers are authorised by the courts to exercise certain powers. In accordance with the work A Dictionary of Law, this is a description of Bailiff is: All officer of a court (usually a county court) concerned with the service of the […]
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Caveat Emptor
Definition of Caveat Emptor This latin term has its origins in contract law. Caveat emptor in Legal Latin Meaning of the latin term Caveat emptor from the University of Kent: ‘Let the buyer beware’ – A common-law maxim warning a purchaser that he could not claim that his purchases were […]
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Credit History
Credit history in the Context of Mortgages If you have a history of bad debts, county court judgements or bankruptcy to your name, you may not be eligible for a mainstream mortgage. To help ensure you are a good credit risk, a lender may require references from your existing lender, bank or […]
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Document
Definition of Document In accordance with the work A Dictionary of Law, this is a description of Document : Something that records or transmits information, typically in writing on paper. For the purposes of providing evidence to a court, documents include books, maps, plans, drawings, […]
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Conveyancing Fees
Conveyancing fees in the Context of Mortgages A solicitor will charge you a basic fee for undertaking the conveyancing work associated with the purchase of your property. This covers their time spent on taking your instruction, advising you, working on the contract refinements, liasing with […]
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Deed
Definition of Deed In accordance with the work A Dictionary of Law, this is a description of Deed : A written document that must make it clear on its face that it is intended to be a deed and validly executed as a deed. Before 31 July 1990, all deeds required a seal in order…
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Contracts
Conclusion of missives in the Context of Mortgages Scottish term for exchanging contracts.
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Collusion
Definition of Collusion In accordance with the work A Dictionary of Law, this is a description of Collusion : An improper agreement or bargain between parties that one of them should bring proceedings against the other. Collusion is no longer a bar to divorce or nullity proceedings, but it may […]
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Copy Statement
Copy statement in the Context of Mortgages This is an additional statement of your mortgage account. You are usually charged by your lender when you request a copy of an annual statement previously issued or when you request a statement outside of the normal annual statement period. Costs 10 – […]
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Debt to Income Ratio
Debt to income ratio in the Context of Mortgages A ratio used by lending institutions to determine whether a person is qualified for a mortgage. Debt-to-income is the total amount of debt, including credit cards and other loans, divided by total gross monthly income. Similar Terms Gross income […]
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Annual Mortgagor Statement
Annual mortgagor statement in the Context of Mortgages A yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest. Similar Terms Mortgagor Mortgagor The mortgagor is another term for the borrower.