It is intended that a bridge loan will be paid off with the net proceeds from the prior residence's sale.
Loan terminology glossary | UCOP
The meeting between the buyer, seller and lender or their agents where the property and funds legally change hands. Form signed by campus representative certifying that the applicant is eligible for Program participation and the amount of the loan allocation. Property acquired by husband and wife, or either, during marriage, when not acquired as the separate property of either.
Any individual who will assume responsibility on the loan, take a title interest in the property and intends to occupy the property as their primary residence. Any individual who will assume responsibility on the loan, but who will not take a title interest in the property nor occupy the property. An additional payment made to reduce the principal balance of a loan.
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MOP rate currently in effect for Program loans. Also known as the Standard Rate. The date on which a deed of trust is officially entered on the books of the county recorder in the county in which the property is located. A security instrument, used in place of a mortgage, conveying title in trust to a third party covering a particular piece of property.
It is used to secure payment of a promissory note. A loan which allows the borrower to defer all the monthly principal and interest payments until the maturity date of the promissory note, at which time the outstanding principal loan balance and all accrued interest is due and payable. The difference between the purchase price of real estate and the loan amount. The borrower is responsible for providing the funds for the downpayment. An Appointee who has actively begun to serve in his or her full-time position. The difference between the fair market value of a property and the current indebtedness secured on the property.
A situation in which a third party, acting as the agent for the buyer and the seller, carries out the instructions of both and assumes the responsibilities of handling all the paperwork and disbursement of funds at settlement or at closing.
Typically, this is NOT an insurance policy, but a commitment from the insurance company to provide a policy for a specific property at a specific time and premium amount. Faculty Recruitment Allowance Program: A University of California program authorizing the granting of special housing allowances to assist with down payments, mortgage payments, and other housing related costs.
The assistance may be paid in one lump sum or over a period not to exceed ten years in equal, unequal, or declining balance amounts. The maximum assistance amount is indexed based upon salary increases for faculty.
UCOP Divisions & Departments
The eligible population for the program is full-time University appointees who are members of the Academic Senate or who hold equivalent titles and Acting Assistant Professors. Campuses have the option to require repayment of a portion of the housing allowance in the event that the recipient leaves University employment prior to a specified date. The initial Borrower Rate is stated as a percentage below the Standard Rate, subject to a 2.
The Interest Rate Differential is established to decrease annually between 0. A contract where an insurer, for a premium, undertakes to compensate the insured for loss on a specific property due to certain hazards. This individual serves as the primary contact at the campus level for loan applicants. An organization of homeowners residing within a particular development whose major purpose is to maintain and provide community facilities and services for the common enjoyment of the residents. An insurance policy available to owners of private dwellings that covers the dwelling and contents in the case of fire, wind damage, theft, and, personal liability.
The typical policy does not include flood or earthquake coverage. A financial disclosure giving an accounting of all funds received and disbursed at loan closing. The University does not impound for either property taxes or hazard insurance premiums. Reports ordered by the borrower to assess the quality of the home. Other reports that may be ordered include roof, foundation, geological, and, septic tank inspections. However, the actual date of signature should nevertheless be set out in the attestation clause at the end to avoid any claims that the document was intentionally misleading.
Is backdating legal?
So as can be seen, the issue of backdating can be a contentious one. It is not straight forward and can give problems to any lawyer that agrees to backdate a document, even if he makes it clear on the document that it is backdated, as he must be careful to make sure that he knows why the document is being backdated and that it is being done for a legitimate reason. If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries lexology. Share Facebook Twitter Linked In. Follow Please login to follow content.
My saved default Read later Folders shared with you. Register now for your free, tailored, daily legal newsfeed service. United Arab Emirates January 31 Artificial Intelligence and International Arbitration: Completion and Taking Over: Related international articles Is Backdating Ever Okay? What do you do? Always check the pre-dated date on the Note and Deed of Trust when you receive a loan package. If you notice the dates are for a later date, contact the signing service or escrow company that contracted your services. If you are already at a signing, adjourn the signing right away, contact the applicable parties and set up another appointment for the date that the documents have been dated.
Anything to say? Leave a comment!
Are you a notary public who only points and signs, or are you a professional Signing Agent who specializes in the signing of real estate and loan documents? Look at the papers and know what you are asking the parties to sign and the consequences of not doing it correctly. The NNA does ask that question and it seems logical, however the Secretary of State says that the law does not say that the date is a determination as to the notarization, only that the document is complete and that the date the document was signed is correct.