Underwriter
A person who reviews and evaluates an application for a
loan or insurance policy.
Subordination
Placing the right of one person behind those of another.
Recording Fees
The fees paid to have an instrument recorded in the public
record
First Refusal
The ability to make an offer for a property before the owner
puts it up for sale on the open market
Building Code
Set of regulations established by a municipality to govern
the standards of construction in that municipality.
Rate Lock-in
A written agreement in which the lender guarantees the
borrower a specified interest rate, provided the loan closes
within a set period of time.
Ceiling Rate
The limit over which the interest rate on a variable rate
mortgage may not rise over the life of the loan
Certificate of Occupancy
Document issued by the local municipality indicating that a
new dwelling is suitable for occupation. Generally confirms
that the dwelling complies with local building, safety and
health by-laws.
A person who reviews and evaluates an application for a
loan or insurance policy.
Subordination
Placing the right of one person behind those of another.
Recording Fees
The fees paid to have an instrument recorded in the public
record
First Refusal
The ability to make an offer for a property before the owner
puts it up for sale on the open market
Building Code
Set of regulations established by a municipality to govern
the standards of construction in that municipality.
Rate Lock-in
A written agreement in which the lender guarantees the
borrower a specified interest rate, provided the loan closes
within a set period of time.
Ceiling Rate
The limit over which the interest rate on a variable rate
mortgage may not rise over the life of the loan
Certificate of Occupancy
Document issued by the local municipality indicating that a
new dwelling is suitable for occupation. Generally confirms
that the dwelling complies with local building, safety and
health by-laws.
Closing Date
The date set in the Agreement of Purchase and Sale upon
which the transaction is to be completed, the purchase price
paid and the transfer of title registered.
Collateral Mortgage
A loan which is secured by some sort of written note of
indebtedness (such as a Promissory Note) which is
secondarily secured by a mortgage registered against a
property.
PMI
A policy of insurance issued by a non-governmental entity
which protects a lender against the default of the borrower
Survey
Surveyor
A professional who is trained to map out land and
improvements to land accurately.
Building Setback
The minimum distance a building or other improvement may
be constructed from a property line. May be established by
agreements, title documents or municipal by-laws or
ordinances.
The date set in the Agreement of Purchase and Sale upon
which the transaction is to be completed, the purchase price
paid and the transfer of title registered.
Collateral Mortgage
A loan which is secured by some sort of written note of
indebtedness (such as a Promissory Note) which is
secondarily secured by a mortgage registered against a
property.
PMI
A policy of insurance issued by a non-governmental entity
which protects a lender against the default of the borrower
Survey
Surveyor
A professional who is trained to map out land and
improvements to land accurately.
Building Setback
The minimum distance a building or other improvement may
be constructed from a property line. May be established by
agreements, title documents or municipal by-laws or
ordinances.
| Financial-5 |
Construction Jargon
Bill of Sale
Documentary evidence that title to personal property (chattels)
has passed to the Purchaser for valuable consideration
Cap
In variable rate mortgages, a limit as to how high periodic
payments may go or how much the interest may change within a
given time period or over the life of the mortgage.
Capital Gain
Increase in value of a capital property (a property other than a
principal residence) upon which tax is payable, either upon
disposition of the property or the deemed disposition of the
property under tax rules.
Capital Loss
Decrease in value of a capital property (a property other than a
principal residence). May be set off against capital gains or
against regular income according to the tax rules.
Borrower
The person or company that receives money from a lender
(often a bank, credit union or trust company) in exchange for a
written promise to pay and a registered lien on property.
Loan Default
In mortgages, the failure to make payments in full, on time or at
all or to live up to any other obligations placed on the borrower
by the loan agreement
Documentary evidence that title to personal property (chattels)
has passed to the Purchaser for valuable consideration
Cap
In variable rate mortgages, a limit as to how high periodic
payments may go or how much the interest may change within a
given time period or over the life of the mortgage.
Capital Gain
Increase in value of a capital property (a property other than a
principal residence) upon which tax is payable, either upon
disposition of the property or the deemed disposition of the
property under tax rules.
Capital Loss
Decrease in value of a capital property (a property other than a
principal residence). May be set off against capital gains or
against regular income according to the tax rules.
Borrower
The person or company that receives money from a lender
(often a bank, credit union or trust company) in exchange for a
written promise to pay and a registered lien on property.
Loan Default
In mortgages, the failure to make payments in full, on time or at
all or to live up to any other obligations placed on the borrower
by the loan agreement
The payment of extra money on a loan now so as to
reduce the interest rate over a given period or over the
life of the loan. This extra payment may be made by the
borrower, by the lender (as an incentive to the borrower
to borrow from the lender) or by the vendor/builder (as
an incentive to the borrower to buy a certain property).
Builder Warranty
An enforceable guarantee of the quality of construction
given by a builder or developer.
Credit Limit
The maximum amount available to a person under a loan,
credit card or other borrowing arrangement.
Lien Waiver
The surrender or passing up on one's right to a claim.
Application Fee
The fees the lender charges the applicant. May include
costs of a property appraisal and a credit report on the
applicant. May be payable by applicant even if loan is not
approved.
Net Income
The amount of money left over after all costs and
expenses have been paid.
reduce the interest rate over a given period or over the
life of the loan. This extra payment may be made by the
borrower, by the lender (as an incentive to the borrower
to borrow from the lender) or by the vendor/builder (as
an incentive to the borrower to buy a certain property).
Builder Warranty
An enforceable guarantee of the quality of construction
given by a builder or developer.
Credit Limit
The maximum amount available to a person under a loan,
credit card or other borrowing arrangement.
Lien Waiver
The surrender or passing up on one's right to a claim.
Application Fee
The fees the lender charges the applicant. May include
costs of a property appraisal and a credit report on the
applicant. May be payable by applicant even if loan is not
approved.
Net Income
The amount of money left over after all costs and
expenses have been paid.
| Copyright 2007 Emerald Key Software All Rights Reserved |
