Examples of Shared Equity in a sentence
Although the Incentive is interest free, because the Homeowner will have to pay more (or less) than the Incentive back to the Program Administrator if the Original Home Value increases (or decreases), the APR calculations below are meant to illustrate how much it will cost a Homeowner to agree to the terms of the Incentive and the Shared Equity Mortgage, expressed as an annual rate.
The Homeowner must repay the Incentive in full plus the Shared Equity Amount on the date that is no later than 25 years from the Date of Advance.
The Shared Equity Mortgage constitutes a continuous and permanent charge against the Property to secure the payment of all present and future liabilities and obligations owed by the Homeowner to the Program Administrator.
If the Shared Equity Mortgage is granted by the Homeowner less than 2 business days after the date of this Agreement, the Homeowner agrees to receive the cost of borrowing disclosure set out in this Agreement at the time this Agreement is entered.
The terms of the Shared Equity Mortgage are incorporated and form part of this Agreement.
The Program Administrator may exercise all of its recourses provided by law, this Agreement or the Shared Equity Mortgage in order to recover the outstanding amounts owed to it by the Homeowner.
Certain customary costs and expenses incurred relating to your Shared Equity Mortgage by the Program Administrator to administer, monitor and enforce the Shared Equity Mortgage will be payable by the Home Buyer, subject to applicable law.
Any periodic statements and other documents or notices relating to this Agreement and the Shared Equity Mortgage to the Homeowners will be delivered to the Homeowners at the address of the Property or by any means that the Program Administrator may, at its discretion, use.
Shared Equity Transfer - it should be noted restrictions on the level of equity that could be purchased should not be limited in areas where right to buy legislation does not apply.
This schedule can also be modified to reflect Shared Equity affordable housing.