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Mortgage contingency: This clause specifies a window of time in which the buyer must obtain ... “Say the buyer is unable to get the mortgage loan they need to purchase the property,” Popowitz ...
Usually such a contingency calls for a buyer to apply for a loan within a certain period of time after the contract is signed. Since most people who buy a house require financing to complete their purchase, mortgage contingencies are one of the most common type of contingencies in real property contracts. If the financing is not secured, the ...
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 ...
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.
Historically, a mortgagor (the borrower) and a mortgagee (the lender) executed a conveyance of legal title to the property in favour of the mortgagee as security for the loan. If the loan was repaid, then the mortgagee would return the property; if the loan was not repaid, then the mortgagee would keep the property in satisfaction of the debt.
The mortgagee outlines the loan terms and other clauses of the financing contract. Because the home is used as collateral for the loan , the mortgagee has the right to foreclose on the property.
An after acquired property clause is a provision in ... In a mortgage (of real property) ... An example is the purchase of a new vehicle; the clause allows the ...
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 ...