Real Estate Glossary

Borrower

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Richard Wilson
Written by Richard Wilson

This is a person or entity that has applied and met the specific requirements of a lender to receive a monetary loan from them. The individual or entity initiating the request must sign a promissory note. In this note, they agree to pay the lien holder back during a specific amount of time for the entire loan amount plus additional fees should the lender impose. Legally, the borrower is responsible for the repayment of the loan, therefore they are subject to penalties should they be unable to repay the loan based on the agreed-upon lending terms.

This is a person or entity that has applied and met the specific requirements of a lender to receive a monetary loan from them. The individual or entity initiating the request must sign a promissory note. In this note, they agree to pay the lien holder back during a specific amount of time for the entire loan amount plus additional fees should the lender impose. Legally, the borrower is responsible for the repayment of the loan, therefore they are subject to penalties should they be unable to repay the loan based on the agreed-upon lending terms.

About the author

Richard Wilson

Richard Wilson

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