Mortgage - Law Dictionary Search Results
Merger
estate of freehold. Under s. 88 of the (English) Law of Property Act, 1925, a foreclosure by a mortgagee will merge the mortgage term into and vest the fee simple in the mortgagee subject to any prior
Clandestine mortgages
Clandestine mortgages. By 4 & 5 Wm. & Mary, c. 16, it was enacted that if any person, having once
Attornment
is not affected thereby, except as provided by s. 151, ibid. The 'Attornment Clause' in a deed of mortgage is a clause whereby, for better securing the payment of the interest on the mortgage, the mortgagor attorns
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points
points a point is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $95,000, one point means you pay $950 to the lender.
down payment
the portion of a home's purchase price that is paid in cash and is not part of the mortgage loan. This amount varies based on the loan type, but is determined by taking the difference of the
Joint-tenancy
it, amongst the most important of which are the following: (1) If two join in lending money on mortgage, though they take a joint security, yet equity holds that it could never have been intended that their
Clog on equity of redemption
Clog on equity of redemption. Any provision inserted in a mortgage to prevent redemption on payment or performance of the debt or obligation for which the security was given
Collateral advantage
Collateral advantage, is a provision giving the mortgagee a benefit over and above the repayment of the advance, with interest. To be invalid, such a benefit
Courts (Emergency Powers) Acts
of protecting certain classes of tenants and mortgagors was continued and extended by the Increase of Rent and Mortgage Interest (War Restrictions) Act, 1915, since replaced by various Acts which have been superseded by the Rent and
Debenture
company's property or by way of floating charge. If fixed, the remedies upon default are those available to mortgagees and those stipulated for and endorsed on the debenture or provided by the trust deed. See also FLOATING
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