In Escrow

Definition of "In escrow"

The phrase used for the period in which the escrow agent communicates to both the buyer and the seller as to what documents or moneys have to be deposited with the escrow agent to satisfy the terms of the purchase and sale. The items collected include moneys to cover mortgage insurance premiums, taxes, hazard insurance, and title insurance. Title Insurance assures that no other person or entity has an ownership right to the property, confirmation that the seller has obtained an adequate loan to pay the purchase price, the property has been inspected for termites, and seller's original deed has been obtained.

Search Real Estate Glossary

Related Real Estate Glossary terms

Coinsurance Percentage

In many property insurance policies, a requirement that the insured carry insurance as a percentage ...

Design

Architectural plan which may include blue prints of a property project. Designs must meet technolog ...

Pro Forma Statement

Financial statement with amounts or other information that are completely or partially assumed. The ...

Interest Deduction

Interest deductible for taxes paid by the taxpayer. It is an itemized deduction on Form (individuals ...

Fallen Building Clause

Section in some property insurance contracts that eliminates further coverage for buildings after th ...

Risk Management

Procedure to minimize the adverse effect of a possible financial loss by (1) identifying potential s ...

Related Real Estate FAQ

What Is An Origination Fee?

An origination fee is a fee paid to a lender for processing a loan application. ...

How Much Can I Afford ?

Find out what type of home is in your budget by entering a few numbers into our calculator. Our calc ...

What Is A Principal?

Principal is the amount of money borrowed and still owed on a loan not including the interest. ...

Is Depreciation Common?

Generally, real property never depreciates in value, or more so, it is not very common for property ...

What Is Zoning?

Zoning is the laws that establish how a property can be used and what codes must be followed when er ...

What Is A Buydown?

A type of financing in which a developer or seller arranges for the buyer to get a loan at a rate be ...

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

Agents join here

Add our widget on your Website

Real Estate Advice

Should you Buy a Home with Cash? Short Sale Homes What do Real Estate Attorneys do? How Does The Home Loan Underwriting Process Work? What is Earnest Money

FAQ

What is a fixed-rate mortgage? Do I need Earthquake Insurance? Do you have any tips to help me manage my investing? What is a mortgage broker? What is a FHA mortgage?