Payment - Page 2 - Law Dictionary

down payment

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 sale price and the actual mortgage loan amount. Mortgage insurance is required when a down payment less than 20 percent is made. Source: U.S. Department of Housing and Urban Development ...

graduated payment mortgages

graduated payment mortgages mortgages that begin with lower monthly payments that get slowly larger over a period of years, eventually reaching a fixed level and remaining there for the life of the loan. Graduated payment loans may be good if you expect your annual income to increase. Source: U.S. Department of Housing and Urban Development ...

late payment charges

late payment charges the penalty the homeowner must pay when a mortgage payment is made after the due date grace period. Source: U.S. Department of Housing and Urban Development ...

payment cap

payment cap a limit on how much an ARM's payment may increase, regardless of how much the interest rate increases. Source: U.S. Department of Housing and Urban Development ...

payment due date

payment due date Contract language specifying when payments are due on money borrowed. The due date is always indicated and means that the payment must be received on or before the specified date. Grace periods prior to assessing a late fee or additional interest do not eliminate the responsibility of making payments on time. Source: U.S. Department of Housing and Urban Development ...

preference or preferential debt payment

preference or preferential debt payment A debt payment made to a creditor in the 90 Source: Administrative Office of the U.S. Courts ...

Advance Payment Code

Advance Payment Code, has effects for securing payment of the expenses of the execution of street work in private streets adjacent to new building. Halsbury's Laws of England, Vol. 21, 4th Edn., Para 749, p. 548....

Capacity payment

Capacity payment, is any sum included in the consideration under a contract for the sale of oil consisting of gas won from an oil field which (1) is payable by the buyer at specified times or in respect of specified periods, and (2) is payable whether or not oil is delivered under the contract at particular times or in particular periods, even though it may very by reference to deliveries of oil or other factors, and (3) does not under the terms of the contract, or by virtue of certain statutory provisions, fall to be treated wholly or partly as an advance payment for oil to be delivered at some time after the times or periods at or in respect of which that sum is payable, Halsbury's Laws of England, Vol. 19(2), para 1867, p. 1337....

In lieu of payment

In lieu of payment, this expression 'in lieu of pay-ment' connotes that payment is outstanding tht is, there is a subsisting obligation on the Income Tax Officer to pay, Hindustan Construction Co. Ltd. v. V.S. Gaitonde, AIR 1965 SC 1316 (1319): (1965) 2 SCR 414...

Indefinite payment

Indefinite payment, where a debtor owes several debts to a creditor, and makes a payment, without specifying to which of the debts it is to be applied. See APPROPRIATION OF PAYMENTS....

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