English translation: The bank retains legal ownership of the property until the debt is paid off BUT
Login or register (free and only takes a few minutes) to participate in this question.
You will also have access to many other tools and opportunities designed for those who have language-related jobs (or are passionate about them). Participation is free and the site has a strict confidentiality policy.
GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:
The bank retains legal ownership of the property until the debt is paid off BUT
English to English translations [PRO] Bus/Financial - Real Estate
English term or phrase:hypothecate
What is the meaning of this word in this context? The only two meanings I can find are "pledge" (as in a mortgage) and theorize. Neither of those meanings seems to work here. Any suggestions appreciated.
Among other deals in the works, Trump Mortgage has also been hired as exclusive broker to ***hypothecate*** a $25 million mortgage for a 200,000-square-foot building in Columbus, Ohio, in which Trump would sell the mortgage to another investor.
This was not the exact answer, but it was the most helpful. The traditional meanings were not appropriate.
2 hrs confidence: peer agreement (net): +3
to pledge property to secure a loan
Explanation: This isn't my specialty, so I can't vouch for this definition.
To pledge property to secure a loan. Though title to the property is not transferred, hypothecation creates a right by the creditor to liquidate the property to satisfy the debt in the event of default.
v. from Greek for "pledge," a generic term for using property to secure payment of a loan, which includes mortgages, pledges and putting up collateral, while the borrower retains possession.