Building Loan Agreement Law and Legal Definition
Building loan agreement is an agreement by which the lender advances money to an owner at fixed stages of construction. It is an agreement for a loan to be used in making payments to a contractor engaged in the construction of a building or other structure for the borrower, or to material men who furnish supplies for the construction of a building or other structure for the borrower. Such an agreement provides for the security of the lender, in the form of a mortgage on the property under improvement. It covers both present advances and advances to be made in the future during the course of the work and its completion by the contractor.
Legal Definition list
Related Legal Terms
- Academy for International Conflict Management and Peacebuilding [USIP]
- Acceptance of Service Agreement
- Account Agreement
- Accounting Agreement
- Acquisition and Cross-Servicing Agreement
- Acquisition and Improvement Loan [Veterans' Relief]
- Acquisition Loan [HUD]
- Acquisition, Development and Construction (ADC) Loan
- Acreage-Contribution Agreement
- Adjustable Rate Mortgage Loan
