Glossary of useful terms and definitions
A statement of assets, liabilities and net equity for an enterprise at a point of time.
A large loan repayment, typically towards the end of the loan term, to clear a debt.
A cheque that is issued by a bank, drawn on itself.
A communication from one bank to another to advise on a customer's reliability or credit worthiness.
When a debtor who, cannot pay their debts, have their financial affairs managed by a trustee in bankruptcy.
A person presenting a cheque to a bank for payment.
See Owners’ Corporation.
A short-term loan that covers the time gap between the purchase of a new property and the sale of an old property.
Insurance which covers the cost of rebuilding or repairing a property following structural damage, for example by flood, fire, storm and subsidence.
The standards formulated by local councils to control the quality of buildings.
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