The condition in which buyers can occupy the property before the sale is completed.
Money a buyer gives with an offer to purchase a property. Also called a deposit.
Easement
A limited right one has in lands owned by someone else or rights owned by someone else on one's land. For example, a right for you to cross over someone else's land to get to your own property.
The age of a structure estimated by its condition rather than its actual age.
The government's right to condemn private land for public use, such as the routing of a public highway.
Encroachment
An intrusion of an improvement on another's real property.
A claim or lien on a property which complicates the title process.
A person who signs over ownership of property to another party.
A government-mandated evaluation of all aspects and effects a development will have on the environment of a proposed site.
A method of construction that utilizes recycled materials.
A policy that pays for any mistakes a builder or architect makes in a project.
Escrow
The escrow company is a neutral third party which is an expert in closing real estate transactions and protecting both the seller and the buyer. It is licensed, bonded and insured. The escrow company makes certain that everything that needs to be done, is done and that everyone who should be present at the closing is represented. Escrow is one of the two ways you protect yourself in a real estate transaction. The other is through title insurance.
As a Seller you deposit the title to your property with the escrow company. You instruct the company to release it only when all the money is available and all other conditions have been met.
As a Buyer you deposit the funds to pay for the property with the escrow company. You instruct them to pay it to the Seller only when a clear title has been received and all other conditions have been met.
An account that a lender or mortgage servicer establishes to hold funds for the payment of expenses such as homeowners insurance and property taxes. Also known as an impound account.
A neutral third party who ensures that all conditions of a real estate transaction are met.
Escrow closes when all conditions of a real estate transaction are met and the title of the property is transferred to the buyer.
Firms that act as neutral third parties to ensure that all conditions that the buyer, seller and lender establish in a real estate transaction are met.
Funds that a mortgage servicer withdraws from a borrower's escrow account to pay property taxes and insurance.
The total assets of a person, including real property, at the time of death.
A legal procedure to remove a tenant for reasons including failure to pay rent.
A contract that gives an agent the exclusive right to market a property for a specific period of time.
Extension
An agreement to continue the performance period beyond a specific period.
