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Escrow payment
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.
RELATED TERMS--------------------------------------
Trust
An arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of another, called a beneficiary.
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.
Insurance
Protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.
Lease
A contract whereby the landlord grants the tenant the right to occupy defined space for a set period at a specific price (i.e., rent).
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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
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.
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 reimbursement
The buyer reimburses the seller for the current balance of his escrow (or impounded) funds.
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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
Escrow reimbursement
The buyer reimburses the seller for the current balance of his escrow (or impounded) funds.
Essentials of a valid lease
A lease is a form of contract. To be valid, a lease must meet essentially the same requirements as any other contract: offer and acceptance, consideration, capacity to contract, legal objectives.
Estate
The ownership interest of a person in real property, also used to refer to a deceased person's property.
Estate (tenancy) at sufferance
The tenancy of a lessee who lawfully comes into possession of a landlord's real estate but who continues to occupy the premises improperly after his or her lease rights have expired.
Estate (tenancy) at will
An estate (or tenancy ) in which a person holds or occupies real estate with the permission of the owner, for a term of unspecified or uncertain duration.
This dictionary contains 6433 terms. |
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