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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 ...
The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage (see below), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure. [1]
In the case of home loans, if the borrower defaults on the loan, the bank would have the legal right to repossess the house and sell it, to recover sums owing to it. Loan modification can avoid defaults. [1] Similarly, a loan taken out to buy a car may be secured by the car.
Real estate investors commonly rely on hard money loans to manage multiple flip projects. Hard money loans deliver cash quickly but at a higher interest rate compared to other types of financing.
A mortgage loan or simply mortgage (/ ˈ m ɔːr ɡ ɪ dʒ /), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.
Merger and acquisition agreements, [1] joint venture agreements, real property lease agreements and several other categories of agreements often make use of a letter of intent. The capitalized form Letter of Intent may be used in legal writing, but only when referring to a specific document under discussion.
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
A pledge of real property which allowed the use and occupation of the pledged property, in lieu of interest on the loan, used to be called an antichresis, but contemporary law of most civil law jurisdictions only allows hypothec as the sole security interest applicable to real estate and (in some cases) marine vessels (ship hypothec), while ...