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Trust fund bank account
Trust fund bank account An account set up by a broker, attorney or other agent at a bank or other recognized depository, into which the broker deposits all funds entrusted to the agent by the principal or others.
RELATED TERMS--------------------------------------
Broker
A person who acts as an intermediary between two or more parties in connection with a transaction for a fee or commission.
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.
Principal
1) The outstanding balance of a loan. 2) A party to a real estate transaction. 3) The head of a real estate firm.
SIMILAR TERMS--------------------------------------
Truss
A roof structural support system made up from "2 by" wood components that are attached using press-on metal plates.
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.
Trust account
An account used by a real estate broker or escrow agent to handle earnest money, funds set aside for repairs and other money that the buyer and seller put up before closing.
Trust deed
A legal document in which title to property is transferred to a third-party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary (lender).
Trust deed lien
A lien on the property of a truster that secures a deed of trust loan.
Trust funds
Money or other things of value that are received by a broker or salesperson on behalf of a principal or any other person, and which are held for the benefit of others in the performance of any act(s) for which a real estate license is required.
Trust ledger
Ledger where a property manager records monies paid out on behalf of an owner.
Trustee
A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another.
Trustee's deed
A deed executed by a trustee conveying land held in a trust.
Trustor
The person who creates a trust and gives the instructions to the trustee.
PREVIOUS AND NEXT TERMS--------------------------------------
Truss
A roof structural support system made up from "2 by" wood components that are attached using press-on metal plates.
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.
Trust account
An account used by a real estate broker or escrow agent to handle earnest money, funds set aside for repairs and other money that the buyer and seller put up before closing.
Trust deed
A legal document in which title to property is transferred to a third-party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary (lender).
Trust deed lien
A lien on the property of a truster that secures a deed of trust loan.
Trust fund bank account
Trust funds
Money or other things of value that are received by a broker or salesperson on behalf of a principal or any other person, and which are held for the benefit of others in the performance of any act(s) for which a real estate license is required.
Trust ledger
Ledger where a property manager records monies paid out on behalf of an owner.
Trustee
A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another.
Trustee's deed
A deed executed by a trustee conveying land held in a trust.
Trustor
The person who creates a trust and gives the instructions to the trustee.
This dictionary contains 6433 terms. |
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