Mortgage

Transcript:

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Be careful of how you translate “Mortgage”. We use it to mean at least four different things like:

1. A loan (prestito; mutuo): We ask the bank for a mortgage when we want to buy a new home, e.g. (i) The bank granted her a mortgage of £200,000. (ii) She has to repay a mortgage of £200,000;

2. An agreement (Il contratto per il mutuo): It is a contract made between the bank that is lending money and the borrower. The mortgage agreement will specify the amount of money that the borrower receives, interest to be paid, and will state that the lender receives a lien (pegno) on the property. e.g. The mortgage will be signed tomorrow in the Regent Street branch of the bank;

3. A lien (pegno; vincolo): The mortgage is the lien over the real estate which the borrower grants to the lender. e.g. The bank has a mortgage over that home and must be repaid before title can pass to the new owner;

4. An instrument (strumento): The instrument by which rights are transferred. A civil-law hypotheca is the equivalent to an English mortgage by legal charge.

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Freehold, Leasehold and Commonhold estates

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Technically speaking all land in the UK is ultimately owned by the Crown and the most that anyone else can have is called an estate in the land. “Estate in land” means the rights which a person has to control and use the land. An estate owner is often said to have ownership (proprietà) of the land but legal specialists prefer to use the term “tenure” to express the way people “hold” land.

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Transferor, Transferee, Transmittee

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Transferor, Transferee and Transmittee are important words when speaking about the shares owned in a company. Make sure that the difference is clear to you.

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Tax evasion, tax mitigation and tax avoidance

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Today we look at the differences in meaning of tax evasion, tax mitigation, and tax avoidance.

Tax Evasion is an illegal way of escaping (sottrarsi al) tax payment. It is the deliberate hiding (occultamento) or non declaration of information from the tax authority. It is unlawful and usually a criminal offense (reato) in most jurisdictions. The verb is “to evade taxes” and it has a criminal connotation.

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Numbers

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Let’s look at some ways to deal with numbers in English.

Writing numbers:

• Numbers from 1 to 10 are often written as words, e.g.: three people; seven files;
• Numbers from 11 on are almost always written al numbers, e.g.: 27 clients; 350 members.

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Ordinary resolutions vs special resolutions

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When companies hold general meetings, they pass resolutions (approvare delibere). Remember, companies can hold two types of general meetings: The Annual General Meeting once a year, while any other general meeting for urgent business is called an Extraordinary General Meeting (See Peter’s Pills 29). There can be two types of resolutions passed at any general meeting: ordinary resolutions or special resolutions.

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AGM vs EGM

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There are two types of General Meetings that companies have. Students of Legal English should take great care with these two concepts as they may be very different from meetings in your jurisdiction. Continua a leggere →

A going concern

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In Company Law we use the expression “a going concern” to refer to a business entity (entità imprenditoriale) that we believe will continue to operate into the foreseeable future without the need for intervention of the court or of management to liquidate the entity or to significantly reduce its operational activities.

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Company meeting words

Transcript:

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Today we will have a test of company meeting words. In order to this mini test, you will have to stop the video and get a pen and paper to write down your answers. Stop the video now and get ready with your pen and paper. If you are ready, start the company meeting multiple choice test now.

Test

1. What do we call a proposal that someone would like to discuss at a company meeting?

(A) A motion
(B) An emotion
(C) A resolution
(D) A movement
(E) A and C
(F) C and D

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Mortgagor vs. mortgagee

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In Legal English you will come across many nouns that have the same roots but are two opposites. The first one will end with the suffix “-er” or “-or”, while the second will end with the suffix “-ee”.. Continua a leggere →

Fixed charges vs Floating charges

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Today we look at the difference between fixed charges and floating charges, but first of all we need to understand what a charge is. Continua a leggere →

Doctrine

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Please pay special attention when you come across the word “doctrine” in English because it may not mean what you think it does.

With reference to law, doctrine means a rule or a principal of law that has come into existence through the repeated application of legal precedents. This means that a doctrine comes into existence because numerous judges have applied a precedent many times over and now everyone knows that this is the way the law sees things, and this notion is now called a doctrine. There is no need to have statutory law on the matter because a precedent and doctrine already exist. Continua a leggere →

Construe

Transcript:

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Today we look at a great verb in legal English: Construe.

Construe is the legal English equivalent of interpret which is used in general English, but it has a more specific meaning. Continua a leggere →

Sign vs execute

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Today we look at the difference between sign and execute. Continua a leggere →

The closing statement

Transcript:

Hello! Today we speak about closing statements in the USA which are also known as settlement statements or settlement sheets.

Closing statements are used in real estate transactions to show which costs will be paid by the buyer, and which will be paid by the seller and they are required by law under the Real Estate Settlement Procedures Act of 1974. Continua a leggere →