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Escrow account
Escrow account 1) An account maintained by a real estate broker, attorney, escrow agent in an insured bank for the deposit of other people's money. 2) An account maintained by the borrower with the lender in certain mortgage loans to accumulate the funds to pay an annual insurance premium, real estate tax, or a home owner's association assessment.
RELATED TERMS--------------------------------------
Estate
The ownership interest of a person in real property, also used to refer to a deceased person's property.
Broker
A person who acts as an intermediary between two or more parties in connection with a transaction for a fee or commission.
Escrow
The closing of a real estate transaction through a neutral third party who holds funds and-or documents for delivery after specific conditions have been met.
Agent
Person authorized to act on behalf of another in dealings with third parties.
Bank
An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
Deposit
A cash lump sum, usually expressed as a percentage of the value of the property, given by the buyer to the seller.
Borrower
A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
Lender
A term which can refer to the institution making the loan or to the individual representing the firm.
Mortgage
A legal document pledging property as security for the payment of a loan.
Annual
Any kind of plant that must be planted every year.
Insurance
Protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.
Premium
An amount paid on a regular schedule by a policyholder that maintains insurance coverage.
Tax
As applied to real estate, an enforced charge imposed on persons, property or income, to be used to support the State.
Assessment
A fee imposed on property, usually to pay for public improvements such as water, sewers, streets, improvement districts, etc.
SIMILAR TERMS--------------------------------------
Escrow
The closing of a real estate transaction through a neutral third party who holds funds and-or documents for delivery after specific conditions have been met.
Escrow agent-officer
An individual qualified to perform all the steps necessary to prepare and carry out escrow instructions.
Escrow agreement
A written agreement made between an escrow agent and the parties to a contract setting forth the basic obligations of the parties, describing the money (or other things of value) to be deposited in escrow, and instructing the escrow agent concerning the disposition of the monies deposited
Escrow analysis
Once each year your lender will perform an "escrow analysis" to make sure they are collecting the correct amount of money for the anticipated expenditures.
Escrow closing
The transfer of title to the buyer after all conditions of sale have been met.
Escrow company
A neutral third party who holds the documents and money in a real-estate transfer until all conditions are met.
Escrow disbursements
The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due.
Escrow fee
A fee covering all the usual escrow services except for title insurance. The fee is normally determined by the amount of money involved in the transaction.
Escrow instructions
In a sales transaction, a writing signed by buyer and seller that details the procedures necessary to close a transaction and directs the escrow agent how to proceed.
Escrow money
Escrow money is held by a third party until the deal is sealed.
Escrow payment
That portion of a mortgagor's monthly payment held in trust by the lender to pay for taxes, mortgage insurance, hazard insurance, lease payments and other items as they become due.
Escrow reimbursement
The buyer reimburses the seller for the current balance of his escrow (or impounded) funds.
PREVIOUS AND NEXT TERMS--------------------------------------
Errors and omissions insurance
Malpractice insurance that protects architects, home inspectors and contractors from claims by clients for professional mistakes.
Escalation clause
A clause in a lease providing for an increased rent at a future time due to increased costs to lessor, as in cost of living index, tax increases, etc.
Escape clause
1) A contract provision relieving a party of liability for failure to perform, as where a stated contingency does not occur. 2) A clause in a proprietary lease of a tenant-stockholder that permits the tenant to surrender the stock and lease back to the cooperative association and thereby terminate continuing liability for payments due under the lease.
Escheat
The reverting of property to the state in the absence of heirs.
Escrow
The closing of a real estate transaction through a neutral third party who holds funds and-or documents for delivery after specific conditions have been met.
Escrow account
Escrow agent-officer
An individual qualified to perform all the steps necessary to prepare and carry out escrow instructions.
Escrow agreement
A written agreement made between an escrow agent and the parties to a contract setting forth the basic obligations of the parties, describing the money (or other things of value) to be deposited in escrow, and instructing the escrow agent concerning the disposition of the monies deposited
Escrow analysis
Once each year your lender will perform an "escrow analysis" to make sure they are collecting the correct amount of money for the anticipated expenditures.
Escrow closing
The transfer of title to the buyer after all conditions of sale have been met.
Escrow company
A neutral third party who holds the documents and money in a real-estate transfer until all conditions are met.
This dictionary contains 6433 terms. |
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