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.
Popular Real Estate Terms
Unsecured long-term debt. There is no collateral or lien on the property. A debenture can only be issued by a financially sound borrower with an excellent credit rating because no ...
Total transfer of one's rights under a real estate contract to another. ...
Amount by which the appraised value of property exceeds the debt balance. If property has a fair market value of $ 250,000 while the mortgage balance is $110,000, the owner's equity in the ...
Rights granted to owners of property restricted to conservation use, historic preservation, or some other low density function to sell to other landowners allowing them to develop their ...
Expenditures pay by the owner of house to keep and maintain it including real estate taxes, interest on a mortgage, repairs and maintenance, and capital additions (e.g., new roof, new ...
Cubic unit of measure for a board one-foot long, one-foot wide and one inch thick, or 144 cubic inches. These measurements are not actual, since they are stated prior to finishing and ...
Prevalent type of property taxes assessed on real estate. It is usually collected by the local government and distributed among agencies to finance services. ...
How many days, months, or years are required before a new building has the desired occupancy ratio. The occupancy rate influences the amount financial institutions are willing to lend. ...
Reformation in real estate means a legal action to straighten out an erroneous deed, a misleading document, an error, a paragraph, or a contract entirely which resulted from an ...
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