Impound Account


Definition of "Impound account"

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 funds he receives in connection with the sale of property.



Search Real Estate Glossary

 

Related Real Estate Glossary terms

Usual, Customary, And Reasonable Charges (ucr)

Limits on reimbursement by an insurance company. Health insurance plans pay a doctor's full charge f ...

Prior-approval States

Those states requiring insurers to obtain prior approval rating of rates and policy forms before the ...

Mutually Exclusive

Describing an instance where the occurrence of one event precludes the occurrence of a second event; ...

Offer To Purchase

A proposal to buy property at a specified price. The seller of the property has the options of accep ...

Effective Annual Yield

Real rate of interest on a loan. It is the coupon rate divided by the net proceeds of the loan. Assu ...

Monthly Debt Service

Monthly payments required on credit cards, installment loans, home equity loans, and other debts bu ...

Related Real Estate FAQ

What Is An Overall Debt Ratio?

An overall debt ratio is the percentage of your overall debt (housing payments plus any other long-t ...

What Is A Mortgage Broker?

A mortgage broker is an intermediary who ensures a loan between a borrower and lender. The broker ta ...

What Is An Investment Property?

An investment property is a property you purchase with the intension of using it as a rental income ...

What Do I Need To Know About Business Insurance?

Commercial insurance is designed to help protect many of the risks your business can face, including ...

What Is A Contingency?

A contingency is a provision included in a sales contract stating that certain events must occur or ...

What Is A Closing?

The process of finalizing all the dealing associated with the sale and purchase of a home. (Also kno ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

How to become a real estate agent What is the Best Time of Year to Buy a Home? Getting Ready to Sell? Don't make these DIY Mistakes! Top Five Reasons Your Home Offer was Rejected What is Hazard Insurance?

FAQ

What is hazard insurance? What is a lien? What is the APR for This ARM Loan? What is a survey? What is an origination fee?