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The mortgage application is an individual’s formal request for funds to purchase a specific property. So the information it needs includes details about the home and its price, as well as the ...
It is also possible to subcategorize on whether the loan is a secured loan or an unsecured loan, and whether the rate of interest is fixed or floating. Promise to Repay Forms of loan agreements vary tremendously from industry to industry, country to country, but characteristically a professionally drafted commercial loan agreement will ...
In construction law and real estate, exculpatory clauses are sometimes included in nonrecourse loans to minimize personal liability for the borrower. [5] Exculpatory clauses are also applied more generally in construction law to immunize a person from the consequences of his/her negligence, though this application is subject to stringent ...
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.
Construction loans are loans that fund the building of a residential home (aka a stick-built house), from the land purchase to the finished structure. Common types are a standalone construction ...
A construction-to-permanent loan — also known as a one-time, single-close or construction-perm loan — is a type of mortgage for those building a home. It funds the purchase of land and the ...
School administrators in secondary education often require a letter of intent before approving the formation of a student club. In real estate, in cases where the real property in question is not listed on a multiple listing service, there may not be an easy way to notify the owner of the property and other interested parties of intent to ...
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.