Funds to Complete - What's the term mean.

Viewing 7 posts - 1 through 7 (of 7 total)

js2
Member
@js2
Join Date: 2003
Post Count: 758
March 16, 2004 - 12:00 pm
Could you give a ‘Term’ description of what this means, in a simple way and with simple words and something easy for everybody to understand.
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This seems to be about demographic arrangements.
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
March 16, 2004 - 12:31 pm
When you buy a house for say $100 000 and pay a $10 000 deposit you need to pay the rest at settlement.
Now say the loan is $70 000, the legals are $2000 you will get a letter from your solicitor saying what you need to deposit to his account before settlement so he can make the transaction on your behalf. In this eg is it another $18 000. This is the “funds to complete”
Is this what you are after?
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
js2
Member
@js2
Join Date: 2003
Post Count: 758
March 16, 2004 - 12:47 pm
Yes, I’m after a short definition or explanation that’s easy to understand. So that i can put it in a “Glossary of Terms” list.
So that they can be referenced!
The format is like so:
Funds to Complete – Definition or explanation or term here! This should be no more then three short sentences.
Funds to complete is the first term that comes to mind. So i’m going to start of with that. And add more as i come accross them.
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This seems to be about demographic arrangements.
redwing
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@redwing
Join Date: 2003
Post Count: 2,733
March 16, 2004 - 10:29 pm
Jaffasoft
Are you then posting here ??
[specool]
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
js2
Member
@js2
Join Date: 2003
Post Count: 758
March 17, 2004 - 11:12 am
Will be able to post it here. Because i can copy and paste it from the file into the forum.
So the funds to complete is all the closing costs after the deposit is taken out. Then solicitor to put in his account and used to complete the transation.
If i explained it this way, is this right?
Funds to Complete – Is the total closing costs take the deposit cost. This amount you give too your solicitor! This generally goes into an account of your solicitor. The funds are then used to complete the property purchase deal.
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This seems to be about demographic arrangements.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
March 17, 2004 - 1:56 pm
Funds to complete, simple means funds needed to complete the purchase – excluding the loan.
lenders want to know you are able to complete the purchase if they lend you, say, 80% of the price. Otherwise they maybe wasting their time in giving you a loan approval.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
March 17, 2004 - 10:51 pm
As usualy Terry can offer a more succinct and accurate description [biggrin]
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.