Sentences with phrase «contract gives the lender»

If the borrower defaults, the assignment of the land contract gives the lender the right to receive payments from the buyer and to transfer the land contract to another buyer.

Not exact matches

Bond: A bond is a contract between an issuing entity (typically a government or a corporation) and a lender / investor where the lender gives the issuer a predetermined amount of money (called the principal) for a fixed term and in return receives interest payments (also called coupon payments) until the maturity of the bond.

Similar to a loan, a bond represents a formal contract between the issuer (debtor) and holder (lender), where which the holder gives money to the business to hold.

Once they have the appropriate license, lenders have the power to enter into a contract with a borrower, stating that they will give them a certain amount of money in exchange for putting a lien against their car.

If approved, the new standards will be written into contracts and given to chosen lenders.

It is expressly agreed that notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the purchaser has been given in accordance with HUD / FHA or VA requirements a written statement issued by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement Lender, setting forth the appraised value of the property of not less than $.

At that time, the CFPB suggested these lenders either release the cosigner from the contract or give borrowers the opportunity to find a new cosigner entirely.

Lenders on short sales SPECIFICALLY state they first give verbal approval and then you will get the signed contract back by the bank.

The buyer gave the lender everything required, it went through underwriting and we got a clear - to - close 22 days after going under contract.

The only thing the lender is doing is approving or disapproving a contract given to them.

Code Sec. 5.016 requires that the seller (1) give seven days notice to the buyer before closing that an existing loan that will remain in place; (2) inform the buyer that buyer has this same seven days in which to rescind the earnest money contract without penalty; and also (3) provide a seven - day notice to the lender.

To do this, give the notice to your buyer at the same time you sign the contract, but make the effective date of the contract at least 7 days after the date you sign it, then fax or scan / e-mail the notice to the lender that same day.

Closing Disclosure statement - details all funds changing hands between the buyer and seller Truth in Lending statement - a final summary of the terms of your loan Mortgage note - a legal obligation to repay the lender according to stated terms Deed of trust - the legal transfer of ownership; gives the lender a claim against your home if you fail to meet the terms of the mortgage note Affidavits - any binding statements by the buyer or seller Riders - any contract amendments that impact your rights Any additional documents required in your state

A State association of buyer's real estate agents, however, expressed concern that the lender practice of requiring a purchase and sale contract does not give consumers enough time to shop for a mortgage loan and must be changed.