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hypothèque à l'achat

English translation: collateral (against a purchase)

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08:37 Nov 14, 2000
French to English translations [PRO]
Bus/Financial
French term or phrase: hypothèque à l'achat
Toute affectation créée, donnée, accordée ou assumée sur tout bien meuble ou immeuble, consentie dans le but de garantir le paiement du solde de prix d'achat dudit bien.

I am wondering about 'purchase mortgage' or 'purchase-money mortgage', but the French equivalent would be hypothèque en garantie du prix d'achat. I've never seen the above term before. The context is Québec.
ljneilson
English translation:collateral (against a purchase)
Explanation:
"hypothèque" is used here as security. The definition seems broad enough to encompass more than one type of security: a lien (a creditor's legal right or interest in another's property, which becomes void when the obligation is satisfied), collateral (property pledged as security against a debt), mortgage (transfer of _title_ to secure a debt), pledge (transfer of possession of property but not title).
Note: these are US definitions; I'm not familiar with Quebec usage.
Selected response from:

Jessica Dunn
Grading comment
I actually ended up using 'hypothec', because that is how 'hypothèque' is translated in the Quebec Civil Code. However, your explanation of hypothèque being more general than 'mortgage' was very helpful. It is clear in the Quebec Civil Code that a hypothec can be collateral, a lien or a pledge. Merci beaucoup!
4 KudoZ points were awarded for this answer

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Summary of answers provided
navendor's lien
Peter Freckleton
nacollateral (against a purchase)Jessica Dunn
namortgage assumed at time of purchase
Yolanda Broad


  

Answers


53 mins
mortgage assumed at time of purchase


Explanation:
"à l'achat" = at the time of purchase.

This seems to agree with the CIBC's definition of hypothèque à l'achat, in their "Guide abrégé sur les prêts hypothécaires":

Prise en charge d'une hypothèque
À l'achat d'une propriété, prise en charge des obligations hypothécaires du propriétaire antérieur (ou du constructeur).

In English, this means that a mortgage is "assumed"

From the CIBC's Quck Reference:

Assuming a mortgage
Taking over the obligations of the previous owner's (or builder's) mortgage when you buy a property.


    Reference: http://www.cibc.com/english/personal_services/home_ownership...
    Reference: http://www.cibc.com/french/personal_services/home_ownership/...
Yolanda Broad
United States
Local time: 03:23
Native speaker of: English
PRO pts in pair: 1551
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1 hr
collateral (against a purchase)


Explanation:
"hypothèque" is used here as security. The definition seems broad enough to encompass more than one type of security: a lien (a creditor's legal right or interest in another's property, which becomes void when the obligation is satisfied), collateral (property pledged as security against a debt), mortgage (transfer of _title_ to secure a debt), pledge (transfer of possession of property but not title).
Note: these are US definitions; I'm not familiar with Quebec usage.


    Bernard & Coli; Black's; Menard
Jessica Dunn
PRO pts in pair: 12
Grading comment
I actually ended up using 'hypothec', because that is how 'hypothèque' is translated in the Quebec Civil Code. However, your explanation of hypothèque being more general than 'mortgage' was very helpful. It is clear in the Quebec Civil Code that a hypothec can be collateral, a lien or a pledge. Merci beaucoup!
Login to enter a peer comment (or grade)

7 hrs
vendor's lien


Explanation:
The idea is that the purchased good itself is security for payment. "collateral" could be any property.

Peter Freckleton
Australia
Local time: 19:23
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 722
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