The date of which the sale of the property becomes final and the new owner takes possession.
Unlike a standard mortgage, a collateral charge is readvanceable — that means the lender can lend you more money after closing without you needing to refinance and pay a lawyer. The downside of a collateral charge is that it is non-transferable — It cannot be assigned (switched) to a new lender like a regular mortgage.
A notice from a mortgage lender to a prospective borrower that the lender will advance mortgage funds of a specified amount under certain conditions.
condition in a contract that calls for the happening of some event or performance of some act before the agreement becomes binding.
An offer to purchase subject to specified conditions. These conditions could be the arranging of a mortgage, or the selling of a present home. Usually a time limit in which the specified conditions must be met is stipulated.
A mortgage loan of up to a maximum of 80% of the lending value of the property for which a lender does not require loan insurance.