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For instance, in the State of New York, the appearance of specified language in the mortgage to the effect that it is a construction loan preserves its priority over mechanic's liens arising out of the construction, as long as subsequently filed lien claims that are legitimate are not ignored.
Jacob & Youngs, Inc. v. Kent, 230 N.Y. 239 (1921) is a case about a builder who used the wrong kind of piping in the construction of a house and the homeowner refused to pay. The court held that the builder was entitled to payment, as he had substantially performed the work, but the builder was subject to a deduction in payment for the ...
Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.
Lenders may also accelerate a loan if there is a transfer clause, obligating the mortgagor to notify the lender of any transfer, whether; a lease-option, lease-hold of 3 years or more, land contracts, agreement for deed, transfer of title or interest in the property. The vast majority (but not all) of mortgages today have acceleration clauses.
A construction loan only finances the construction of the home. Once the home is built, you’ll need to either repay the loan in full or take out a separate mortgage. A construction-to-permanent ...
These clauses give lenders the option to call in the loan if you do not uphold all its terms. In this way, the lender minimizes the risk of the mortgage, of letting you borrow such a big sum for ...
Unlike conventional construction loans, however, FHA construction loans are insured by the FHA. That means if you have a down payment of at least 3.5 percent, you could qualify for the loan with a ...
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a United States legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
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