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Conditional approval, on the other hand, comes in after initial approval — and in fact, after you’ve signed a contract to buy a home and formally applied for a mortgage. This stage involves a ...
Owners should demand this release when they are paid in full. Some states allow an Unconditional Release upon final payment that is used to induce the final payment. It is an inherent vagary in the lien release law. In the United States, some states only use a conditional waiver on progress payment and an unconditional waiver on final payment.
An assignment does not necessarily have to be made in writing; however, the assignment agreement must show an intent to transfer rights. The effect of a valid assignment is to extinguish privity (in other words, contractual relationship, including right to sue) between the assignor and the third-party obligor and create privity between the obligor and the assignee.
Accord and satisfaction is a contract law concept about the purchase of the release from a debt obligation. It is one of the methods by which parties to a contract may terminate their agreement.
Mortgage preapproval is a lender's conditional commitment to offer you a specific loan amount, usually good for 90 days. It involves filling out a full mortgage application, uploading financial ...
Buying a home is intimidating, to say the least. Being able to afford one is hard enough, and if you get past that hurdle, it's on to dealing with a hot housing market, getting an offer accepted ...
In the English legal system, a contingent fee is generally referred to as a conditional fee agreement (CFA) or, informally by the public and press, as "no win no fee". The usual form of this agreement is that the solicitor will take a law case on the understanding that if lost, no payment is made.
Lenders may differ in how they use the terms, but a mortgage preapproval is generally the more thorough and helpful in determining how large of a mortgage you can get.