Tax And Insurance Escrow
When a mortgage loan is provided to a borrower, the lender establishes a fund called a tax and insurance escrow to accumulate the debtor's monthly payments for property taxes and insurance premium for the mortgaged property. As the taxes on the property and insurance premiums change from year to year, the amounts needed to fund the tax and insurance escrow account also change.
Popular Real Estate Terms
Flood insurance is a type of home insurance created to protect a homeowner’s property against damages caused by floods. Flood insurance is typically not included in the regular ...
Same as term plat book: Listing of all of the plats of subdivided plots in a jurisdiction showing the location, boundaries, and plat owners. A plat book normally shows other improvements ...
Limitation or prohibition such as on what a tenant in an apartment may not do. Local laws may also restrict certain actions such as failing to use the property for gambling purposes. ...
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An iron pipe, stone, tree, or other fixed point used in making a survey. ...
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A fixed asset whose utility is derived from its physical attachment to a property and which usually cannot value or damage. A fixture, under the terms of a lease or other agreement, can be ...
Nineteenth-century style home architecture featuring three dimensional ornamentation, made by hand using a chisel and gouge. ...
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