An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon… Fee is the funds of a buyer held by a The right to, and the ownership of, property. A title or deed is sometimes used as proof of ownership of land. company pending fulfillment of a contract. An An account that a mortgage servicer establishes on behalf of a borrower to pay taxes, insurance premiums, or other charges when they are due. Sometimes referred to as an “impound” or “reserve” account. is essentially a holding account. During a real estate Applies to any business dealing. In real estate, it is an instance of exchanging ownership of a property. , the escrow officer—usually a lawyer or licensed title company representative—holds title documents and escrow fees while buyer and seller fulfill the contract terms. The escrow officer makes sure the The process of completing a financial transaction. For mortgage loans, the process of signing mortgage documents, disbursing funds, and, if applicable, transferring ownership of the property. In some jurisdictions, closing is referred to as “escrow,” a process by which a buyer and seller deliver legal documents to a third party who completes the transaction in accordance with their instructions. See… is smooth and vendors and A claim or charge on property for payment of a debt. With a mortgage, the lender has the right to take the title to your property if you don’t make the mortgage payments. holders get paid. After closing, the escrow agent records the The legal document transferring ownership or title to a property Deed-in-Lieu of Foreclosure: The transfer of title from a borrower to the lender to satisfy the mortgage debt and avoid foreclosure. Also called a “voluntary conveyance.” and title transfer to the buyer.
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