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Definitions (33)
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certificate of title
The official document of title showing ownership of the land described in it. The Certificate of Title describes the area and location of the land, it shows the registered proprietor (land owner) and all charges (mortgages
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conveyancing
The process of legally transferring ownership of interests in land.
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contract
A legally binding agreement between two or more people. Contracts may be written, oral, partly written, or partly oral, or implied by a person's behaviour. Contracts relating to land must be in writing.
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credit
The maximum credit allowed to a borrower
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credit reference or credit report
A report prepared by a credit reporting agency which sets out the credit history of a person. A satisfactory Credit Reference is often required by a lender before approving a loan.
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default
Failure to make a loan repayment by a specified date.
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deposit
Money paid by one party to a contract
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