Closing Escrow
All of the conditions of the purchase and sale agreement have been fulfilled. The escrow agent prepares a written summary of the funds received in escrow, and the moneys paid out. The agent records the new deed with the County Recorder, and delivers a new deed to the buyer. Any remaining funds from the purchase price are then remitted to the seller. When the escrow has been accounted for, title is given to the buyer.
Popular Real Estate Terms
A company that is terminated within 3 years. According to the tax law, a gain arising from the sale or liquidation of such a business is considered ordinary income to the individual ...
An account into which payment is made for particular expenses to assure that money will be available. An example is a special account the homeowner's attorney establishes for advance ...
Also called functional depreciation. Loss of value that results from improvements that are inadequate, outdated, overly adequate, or improperly designed for today's needs. May be curable or ...
Device that cuts off an electric circuit when the current becomes to strong. ...
Most typically, the definition of real estate spread implies the difference between the price offered by a home buyer and the initial amount asked for by the seller of real property. It ...
Structure built into the water from the land providing a facility for boats to tie up. A dock will often provide utility access ...
Restoring real property to an improved state. The restoration is usually needed because the property's condition has worsened. ...
A method of brick construction where the bricks are laid with their sides facing outward. ...
Return before taxes on the capital invested in real estate property. ...
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