Glossary

The Land Commission is the government body that records who owns land and property in Ghana. You pay them a fee, through your solicitor, to register your ownership of your new property.

Tenant

Landlord

Right given by law to certain creditors to have their debt paid out of the property of a defaulting debtor.

A contract between principal and agent, authorizing the agent to perform services for the principal within a given time, for which the principal agrees to pay a commission.

The act of carrying on a lawsuit.

Money borrowed that is usually repaid with interest.

Purposely giving incorrect information on a loan application in order to better qualify for a loan; may result in civil liability or criminal penalties.

The loan-to-value (LTV) ratio is a financial term used by lenders to express the ratio of a loan to the value of an asset purchased. The term is commonly used by banks and non-bank lenders to represent the ratio of the first mortgage line as a percentage of the total appraised value of real property.

The LTV ratio is calculated as the amount of the mortgage lien divided by the appraised value of the property, expressed as a percentage. For example, a borrower taking on a $90,000 mortgage to purchase a home appraised at $100,000 would have an LTV ratio of 90% (90,000/100,000).

These are carried out by your solicitor and reveal any changes that may effect your new home or the surrounding area, including any planning decisions and applications.

Since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.

A process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan.