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Liberia Adopts Ship Finance Law Amendments

By MarEx 2018-07-17 17:48:14

The Republic of Liberia has responded to the needs of shipowners and the ship financing and legal community by amending Liberian maritime law to allow lease financing structures to be recorded as mortgages. As a result, Liberia is the only flag state with preferred status in China able to record financing charters.

The advantages offered to the shipping industry by Liberia as a result of the changes made to the country’s maritime law are by no means limited to leasing houses in China, but rather are available to all stakeholders, worldwide. Lease structures for ship financing are, however, increasing in popularity in Asia, in particular, and the inability to record a financing charter to perfect security hinders access to this kind of financing.

With that in mind, the Liberian Government has introduced amendments to provide for the recordation of financing charters similar to ship mortgages. In addition, the amendments to Liberian maritime law clarify that it is not necessary for evidence of mortgage debt to be provided or recorded together with mortgage instruments. They also make provision for a definitive definition of the term ‘vessel’ under Liberian law that includes permanently moored watercraft. Moreover, the amendments embrace several other administrative improvements such as a reduction in the number of original mortgage instruments required to record a Liberian mortgage and clarifications related to the physical marking of the vessel.

Ontario markets outside Toronto see accelerated home price growth

However, Royal LePage Grand Valley Realty broker and owner Keith Church stressed that “while prices are up across all housing categories year-over-year, the rate of appreciation has slowed compared to last quarter’s double-digit year-over-year gains. We are beginning to see a shift towards a balanced market where sales and prices are more stable.”

Read more: Investing in Ontario real estate? These cities are the best bets

Church added that the region’s economic growth is pulling buyers from the Greater Toronto Area. Royal LePage is also predicting a healthy influx of first-time buyers and retirees looking to downsize into new condominiums.

The aggregate price of a home in the Kitchener/Waterloo/Cambridge area increased by 8.2% year-over-year in Q2 2018 (up to $485,946). Housing costs in the region are expected to continue increasing at a steady rate in the next quarter, the report noted.

On the national level, price appreciation slowed to a relative crawl in Q2 2018, a development influenced mainly by what was characterized as “softness” in the GTA, where many markets have suffered year-over-year declines in home prices.

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Instead of making a payment monthly, some plans will set it up to pull 1/2 of your payment every other week.