Percent - Law Dictionary Search Results
Home Dictionary Name: percentPercent
Percent, having regard to the context, the word parents mean male parent not mother, Wilson Reade v. C.S. Booth, AIR 1958 Ass 128....
closing costs
closing costs fees for final property transfer not included in the price of the property. Typical closing costs include charges for the mortgage loan such as origination fees, discount points, appraisal fee, survey, title insurance, legal fees, real estate professional fees, prepayment of taxes and insurance, and real estate transfer taxes. A common estimate of a Buyer's closing costs is 2 to 4 percent of the purchase price of the home. A common estimate for Seller's closing costs is 3 to 9 percent. Source: U.S. Department of Housing and Urban Development ...
mortgage insurance
mortgage insurance a policy that protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan; mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price. Insurance purchased by the buyer to protect the lender in the event of default. Typically purchased for loans with less than 20 percent down payment. The cost of mortgage insurance is usually added to the monthly payment. Mortgage insurance is maintained on conventional loans until the outstanding amount of the loan is less than 80 percent of the value of the house or for a set period of time (7 years is common). Mortgage insurance also is available through a government agency, such as the Federal Housing Administration (FHA) or through companies (Private Mortgage Insurance or PMI). Source: U.S. Department of Housing and Urban Development ...
trust
trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...
yield
yield : to produce as return from an expenditure or investment : furnish as profit or interest [an account that s 6 percent] vi 1 : to give place or precedence (as to one having a superior right or claim) 2 : to relinquish the floor of a legislative assembly [ to the senator from Maine] n 1 : agricultural production esp. per acre of crop 2 : the return on a financial investment usually expressed as a percentage of cost [the bond was 8 percent] ...
ad valorem
ad valorem [Latin, according to the value] : imposed at a rate based on a percent of value [an ad valorem tax on real estate] ...
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 ...
floor
floor 1 a : a main level space (as in a stock exchange or legislative chamber) distinguished from a platform or gallery b : members of an assembly [took questions from the ] c : the right to address an assembly [the senator from Utah has the ] 2 : a lower limit [a five percent on deductions for medical expenses] ...
joint sponsor
joint sponsor A person who accepts legal responsibility for supporting an immigrant with an I-864 Affidavit of Support along with the sponsor. The joint sponsor must be at least 18 years of age, an American citizen or lawful permanent resident and have a domicile in the United States. The joint sponsor and his/her household must have the 125 percent income requirement by itself for the immigrant that he/she sponsors. Source: Department of State. March 2007. ...
loan origination fee
loan origination fee a charge by the lender to cover the administrative costs of making the mortgage. This charge is paid at the closing and varies with the lender and type of loan. A loan origination fee of 1 to 2 percent of the mortgage amount is common. Source: U.S. Department of Housing and Urban Development ...
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