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Simple English definitions for legal terms
procuration fee
Read a random definition: political subdivision
A quick definition of procuration fee:
A procuration fee is a payment given to a lawyer for helping someone get a loan. It's like a thank you for their hard work in finding the right loan for the person. It's also called procuration money.
A more thorough explanation:
A procuration fee is a commission or brokerage paid to a solicitor for obtaining a loan. This fee is paid by the borrower and is usually a percentage of the loan amount.
John wants to borrow $10,000 from a bank. He goes to a solicitor to help him with the loan application. The solicitor charges a procuration fee of 1% of the loan amount, which is $100. John agrees to pay this fee.
Another example is when a real estate agent helps a buyer obtain a mortgage to purchase a property. The lender pays the procuration fee to the agent for their services.
These examples illustrate how a procuration fee is a payment made to a solicitor or agent for their assistance in obtaining a loan or mortgage for a borrower.