- Annuity payments- the regular equal monthly payments of the mortgage debt (the basic debt on the credit and the interest rate of the debt). These payments must be allocated to the months so that the debt should be paid off at the end of the payment.
- Debtor- the physical person who was lent the mortgage credit by the ACO
- Joint debtor- The person who is responsible for the execution of debtor’s liability before the ACO who lent the mortgage credit. Joint debtor cannot exceed 3 persons.
- Boaster money- the money that must be paid by the debtor (joint debtor) to the ACO in case if he did not execute his liabilities or did not execute properly and in time.
- Mortgage deed- the securities that shows the mortgage rights.
- Mortgage lending- the money that was lent to the debtor by the ACO for purchasing the living area, using purposely, returning, fixed time, paying off the interest rates under the guaranteed condition.
- The contract of mortgage- the written contract that signed between mortgagee (the lender who was provided with the mortgage) and mortgager (the debtor, joint debtor).
- The guarantee of the mortgage lending (the mortgage object) - the mortgage of real estate of the person who was lent mortgage credit or debtor, or the third person. The mortgage subject can be only apartment or private living house.
- The primary payment- the private means of the debtor (joint debtor) directed for purchasing the living area. The primary payment is equal to the cost of the living area on account of the mortgage credit.
- The underwriting of the credit- the process of the evaluation of debtor’s ability (joint debtor) reimbursing the mortgage credit, as well as the cost and condition of the given real estate.
- The file of credit (the incident of credit) - the collection of the documents about the execution of the liabilities on the formed mortgage lending by authorized credit organization, including the credit of the debtor.
- The contract of credit- the written contract between the ACO and debtor (joint debtor). According to the contract the ACO must present the money (the mortgage credit) for purchasing the living area, but the debtor (joint debtor) must reimburse the money he and the interest rate to the ACO.
- The credit service- the implemented complex measures according to the Service credit by the ACO in the area of the receiving the payments of the debtor (joint debtor) on the mortgage credit concerning to AMF and the transferring to the account of AMF, the control of the condition of the mortgage object and serving the mortgage credit.
- The authorized credit organization - the bank or non-bank credit organization that signed contract with AMF which was included in the confirmed list by the National Bank of Azerbaijan Republic.
- Living area- the private living house or separate apartment in the living building that the property right was determined with the legislation.
- The trade contract of the living area- the written transaction that was signed between the owner of the living area (seller) and the debtor (buyer).According to that transaction the seller must give the living area to the buyer, but the buyer must accept this living area and must pay the cost of the living area that was indicated in the contract on his own or attracted account.
- Refinancing- the right of demand on the mortgage credit that was got by the AMF which was lent by the ACO Translations are not official and not notarially approved.
- Az
- |En
