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Simple English definitions for legal terms
offset account
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A quick definition of offset account:
An offset account is a type of bank account that can be linked to a home loan. It allows you to use the money in the account to reduce the amount of interest you pay on your home loan. For example, if you have a home loan of $300,000 and an offset account with $50,000 in it, you will only pay interest on $250,000. This can help you save money on interest and pay off your home loan faster.
A more thorough explanation:
An offset account is a type of bank account that is linked to a home loan or mortgage. The balance in the offset account is used to reduce the interest charged on the home loan. For example, if you have a home loan of $300,000 and an offset account with a balance of $50,000, you will only be charged interest on $250,000.
An offshore trust is a type of trust that is established in a foreign country. The purpose of an offshore trust is often to protect assets from creditors or to minimize taxes. For example, a wealthy individual might establish an offshore trust in a country with favorable tax laws to reduce their tax liability.
Offspring refers to children, or the descendants of a person or animal. For example, a dog's offspring are its puppies, and a person's offspring are their children.
Off the record refers to a statement or comment that is not intended to be used as official evidence or attributed to the person who made it. For example, a politician might make an off the record comment to a journalist that they do not want to be quoted on.