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First charge
First charge If your property is collateral for more than one property and the borrower defaults on payments, the lender with First Charge has the option to repossess the home.
RELATED TERMS--------------------------------------
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Collateral
In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust.
Borrower
A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
Lender
A term which can refer to the institution making the loan or to the individual representing the firm.
Option
A right given to purchase or lease a property upon specified terms within a specified time.
SIMILAR TERMS--------------------------------------
First lien
Primary claim by the lender for satisfaction of outstanding debt. A first mortgage creates a first lien.
First mortgage
Mortgage holding priority over the claims of subsequent lenders against the same property.
First refusal right, or right of first refusal
A lease clause giving a tenant the first opportunity to buy a property or lease additional space in a property at the same price and on the same terms and conditions as those contained in a third-party offer that the owner has expressed a willingness to accept
First Time Buyer (FTB)
Someone who is buying a home for the first time.
First-generation space
Generally refers to new space that is currently available for lease and has never before been occupied by a tenant
First-loss position
The position in a security that will suffer the first economic loss if the underlying assets lose value or are foreclosed on.
PREVIOUS AND NEXT TERMS--------------------------------------
Finish grade
A finish that prepares a lot for landscaping.
Fire insurance requirement form
A statement signed by the "borrower" agreeing to comply with the lender's requirements for fire insurance coverage.
Fire rating
A rating of the length of time it takes a fire to penetrate a barrier. Designates the ability of a material to contain a fire in a carefully controlled test setting for a specified period of time.
Fire wall
A buffer composed of fire-resistant material.
Firm commitment
A lender’s agreement to make a loan to a specific borrower on a specific property.
First charge
First lien
Primary claim by the lender for satisfaction of outstanding debt. A first mortgage creates a first lien.
First mortgage
Mortgage holding priority over the claims of subsequent lenders against the same property.
First refusal right, or right of first refusal
A lease clause giving a tenant the first opportunity to buy a property or lease additional space in a property at the same price and on the same terms and conditions as those contained in a third-party offer that the owner has expressed a willingness to accept
First Time Buyer (FTB)
Someone who is buying a home for the first time.
First-generation space
Generally refers to new space that is currently available for lease and has never before been occupied by a tenant
This dictionary contains 6433 terms. |
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