CH8 Flashcards
1
Q
In legal terms, what is the offer of advance?
A
Invitation to treat
2
Q
What value should be covered by buildings insurance?
A
Full reinstatement value to a condition that is no better/worse than current condition
3
Q
When should building insurance be in place?
A
Exchange of contracts (or conclusion of missives in Scotland
4
Q
When is a Deed of Assignment required?
A
Lender requires life policy for interest only mortgage to be assigned
5
Q
A
6
Q
What is final stage of mortgage process known as in Scotland?
A
Settlement
