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
Same as term loan origination fee: The lender's charge to the borrower for administrative work when preparing the mortgage including credit checks, appraisal, and title expenses. For ...
Sheet metal, often made of aluminum, used to cover a structure's open masonry or wood joints. The purpose of flashing is to prevent the penetration of water as well as to provide a drainage ...
Used to indicate what is included in a monthly payment on rental property. If the payment includes only principal and interest, property taxes, and hazard insurance would make the total ...
Small navigable body of water having limited water access and egress. Coves are often secluded and acts as a boating anchorage. Concave or cratered corner molding. A hollow cornice. ...
A lease. It is an agreement to rent property for a given amount and term specifying the terms and conditions for use. The term is mainly used when concerning residential property. ...
Kind of siding for wood frame houses where the joints in the usually vertical siding are covered by narrow strips of wood called battens. The battens are nailed over the joints. ...
In between, intermediate, intervening; passing an interest from a principal to a second party and then to a third party. ...
Loan mandating equal periodic payments to pay off the loan subsequent to the last payment. ...
Process of conferring and consulting with clients concerning real estate investments and developmental projects. See also American Society of Real Estate Counselors (ASREC). ...
Have a question or comment?
We're here to help.