0
1. If the property that you are going to buy doesn't have a loan against it currently, then it is called "free and clear" (of encumbrances or liens).
2. If the property that you are going to buy will not need a loan for you to acquire it, then it is either "paid for with cash" or "paid for in like kind or exchange".
-------------------------------------------------------------
Essentially if you are purchasing a property without a loan to finance the purchse, it means that you have enough cash in your bank account to make the purchase in full.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Can you get an income tax exemption on a housing loan taken on your mother's property?
No. You MUST be on the title and the loan. Also, it is unlikely you can find anyone to give YOU a loan on your mothers property, without your name being on the property.
Can you change the names on a mortgage loan?
Not without refinancing the existing loan and changing the names on the title to the property..
Who should pay the Stamp duty for Loan Agreement - Bank or Loan applicant - Why?
The Home buyer has to pay a certain amount of money as stamp duty on the loan amount, which is known as stamp duty loan. Percentage of stamp duty loan depends on the value of the residential property that the buyer is buying. Paying stamp duty is compulsory while purchasing a residential property as its registration.
What is a loan when you buy a property?
The loan to buy a property is known as a mortgage.
Can you mortgage without being on the title?
No. When you mortgage a property you are signing yourinterest over to the bank as collateral for the loan. You can't do that if you don't own the property.
Can you get an income tax exemption on a housing loan taken on your mother's property?
No. You MUST be on the title and the loan. Also, it is unlikely you can find anyone to give YOU a loan on your mothers property, without your name being on the property.
Can you change the names on a mortgage loan?
Not without refinancing the existing loan and changing the names on the title to the property..
Can you get education loan without any property?
It depends which country you live in, in the UK and the US university students can obtain a loan to help them fund their university studies without having this loan secured against property. These type of loans are set up and regulated by the government.
Who should pay the Stamp duty for Loan Agreement - Bank or Loan applicant - Why?
The Home buyer has to pay a certain amount of money as stamp duty on the loan amount, which is known as stamp duty loan. Percentage of stamp duty loan depends on the value of the residential property that the buyer is buying. Paying stamp duty is compulsory while purchasing a residential property as its registration.
How do you get finance for buying property at auction?
Just contact your lender and get a preapproval letter for the amount you can get lending for. then obtain your loan once the auction is final.
What is a loan when you buy a property?
The loan to buy a property is known as a mortgage.
Can you mortgage without being on the title?
No. When you mortgage a property you are signing yourinterest over to the bank as collateral for the loan. You can't do that if you don't own the property.
Does a car that is not drivable require insurance in Oklahoma?
Is the car on Private property or parked in a public place? On your Private property, without valid Tags and Without a loan against it then no insurance required.
Will you ever own a interest only property?
Interest only property loans are a type of loan in which includesan option to make a payment on the interest. I would not ever own an interest only property because I do not plan on buying a house.
What is meant by the term security when obtaining financing?
Security indicates something of value that is pledged against the loan. Pawn shops take valuables and loan money against them. The item is held as security or collateral for the loan. If the loan is not repaid, the pawn shop will sell the item to get their money back. When buying a car or a house, the vehicle or property usually stands as the security for the loan. If the loan is not paid, the loan company will take the vehicle or foreclose on the property so that they can sell it and get their money back.
Can you get a home equity loan on your rental property?
If you are renting the property from someone else and do not own it, no, because a home equity loan is like a mortgage. The lender has a lien on the property if you default on the loan. If you are the owner of a property and rent it out, yes you should be able to get a loan with the property as security.
Do you play Monopoly?
you simply try to run your opponents out of business by buying all of the property and placing hotels and houses on your property without going bankrupt.
