Categories for Lender

Garnishee Order

2/2/2016
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A garnishee order is an order issued by the Court requiring the party to whom the order is addressed to make payments in satisfaction of a judgment debt to the judgment creditor. (Some courts now refer to garnishees as money redirection orders). The third party to whom the order is addressed is the “garnishee”. Under a garnish order the garnishee is directed to pay money that would ordinarily be payable to the judgment debtor directly to the judgment creditor or...

Five Points to consider when interests rates are low…

10/1/2016
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Favourable interest rates are a borrower’s best friend, but should you lock in a low rate or go with a variable rate? Here are five things to consider. 1. How low can rates go?Interest rates are at historically low levels and the current outlook suggests there may be further cuts in the medium-term future. If you lock in your rate now, you won’t reap the benefits of later decreases. The question is: how low do you think the rate will...

When writing Settlement Date as due x days from condition- please add one considerate word ‘notice’.

1/3/2015
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Just a tip for the Real Estate Offer and Acceptance Authors: When the settlement date mentions “x days from Finance Approval” please add one word “notice” so that the countdown to the settlement date can then begin once the seller or their agent actually receives the notice.  As some Brokers/Lenders/Buyers often forget or are simply unaware they should immediately forward the approval notice to the Seller’s side so they can also prepare for the settlement date.  Without ‘notice’ mentioned in settlement date x days from… would...