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For example, making payments on the mortgage can evince an intent to assume it, as can paying less than the value of the property (if the difference is the amount outstanding on the mortgage). Absent an assumption of the mortgage by the purchaser, the purchaser buys the property subject to the mortgage, which means the property is still ...
A mortgage is the standard method by which individuals and businesses can purchase real estate without the need to pay the full value immediately from their own resources. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.
In the court case S.J. Amoroso Construction Co. v. U.S., 26 Cl. Ct. 759 (1992), Judge Plager wrote an opinion suggesting that the court had used the Christian Doctrine to resolve a case that could have been resolved more satisfactorily using other legal principles. He argued for very limited use of the Christian Doctrine based on the following ...
Many mortgage lenders require borrowers to have a homeowners insurance policy with a mortgagee clause. The mortgagee clause is a provision that protects the lender from financial loss if the ...
Construction law builds upon general legal principles and methodologies and incorporates the regulatory framework (including security of payment, planning, environmental and building regulations); contract methodologies and selection (including traditional and alternative forms of contracting); subcontract issues; causes of action, and liability, arising in contract, negligence and on other ...
In the insurance industry, an after acquired property clause allows insurance coverage for property the insured obtains after ratification of the policy or contract. This clause may operate only for a temporary period of time during which the insured must notify the insurer of the property so that the insurer can adjust the premiums accordingly.
An acceleration clause is a section of a mortgage contract that can have big consequences: Namely, it can require you to pay off your entire mortgage at once. Even if you miss only one payment.
The mortgagor is the person or entity who borrows and pays back a mortgage loan. If you’re getting a mortgage to buy a home, you’re the mortgagor. The mortgagee is the lender, such as a bank ...