Decision In Principle

The likely outcome of a loan application and first step in obtaining a mortgage. Not a formal offer but includes a credit check with a credit reference agency and an assessment of your ability to repay the loan amount requested. Synonym =...

Deed Restriction

Clauses in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions for example they may limit the density of buildings dictate the types of structures that can be erected or prevent buildings from...

Default

This is when you have failed to make payments as you have agreed to. In property terms this is normally used when talking about missed payments on your...