Home loan terms and mortgage 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 draws money specifically from funds held in a bank account.
A communication from one bank to another to advise on a customer's reliability or credit worthiness.
When a debtor has his/her estate placed into the hands of a receiver who has the responsibility for its distribution.
A person presenting a cheque to a bank for payment.
A written agreement whereby ownership is transferred but the original owner is allowed to retain possession.
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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