- Following the instructions of the principals
- Handling the funds/documents in accordance with instructions
- Paying all bills as authorized
- Responding to authorized requests from the principals
- Closing the escrow when all terms and conditions have been met
Sunday, August 28, 2011
Sunday, August 21, 2011
Sunday, August 14, 2011
Here are some more important real estate key words to help you in your home search or sale!
Debt-To-Equity Ratio - The relationship of the loan and equity components which, for example if the debt is $80,000 and the equity is $20,000, there would be a debt ratio of 4:1 or the equivalent to an 80% loan to value ratio.
Declaration of Homestead- A recorded document that protects a homeowner from foreclosure by certain judgment creditors.
Delinquent Mortgage - A mortgage that involves a borrower who is behind on payments. If the borrower cannot bring the payments up to date within a specified number of days, the lender may begin foreclosure proceedings.
Down Payment - The upfront cash commitment paid by the buyer. It makes up the difference between the sales price of a property and the loan amount obtainable.
Dual Agent - An agent who represents both parties in a transaction.
Due Diligence - The making of every reasonable effort to perform one's contractual obligations. Example - A prospective home-buyer signed a sales contract contingent on the sale of her present residence.
Due-On-Sale Clause - Provision in a mortgage or deed of trust calling for the total payoff of the loan balance within the event of a sale or transfer of title to the secured real property. A contract provision which authorizes the lender at its option to declare immediately due and payable sums secured by the lender's security instrument upon a sale of transfer of all or any part of the real property securing the loan without the lender's prior written consent.
Dwelling - A place where people live such as apartments, hotels, mobile homes, nursing homes, and single-family houses.
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Sunday, August 7, 2011
Called Loan - A loan that is due and payable at the demand of the lender usually as a result of an acceleration or alienation clause becoming effective.
Cancellation Clause - A provision in a contract that gives a party the right to terminate his or her obligations upon the occurrence of specified conditions or events.
Capital Appreciation - The appreciation accruing to the benefit of the capital improvement to real estate.
Certificate of Occupancy - (COO) A document issued by a local government to a developer or in some cases others which permits a structure to be occupied by the general public and generally indicates that the building is in compliance with public health and building codes.
Certified General Appraiser -Generally any professional who has met the local or state requirements and passed the appropriate certification exam and is capable of appraising any type of property. Class of Property - A subjective division of buildings as to their desirability to tenants and investors which is based on age location construction quality attractiveness of style level of maintenance etc. Closing Costs - The miscellaneous expenses buyers and sellers normally incur at settlement in the transfer of ownership of real property over and above the cost of the property such as recording fees attorney fees title insurance premium etc. Closing costs which may consist of title insurance costs lender attorney fees appraisal fees and more can add thousands of dollars to your borrowing costs.
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Tuesday, August 2, 2011
Balloon Mortgage - An installment payment on a promissory note usually the final one for discharging the debt which is significantly larger than the other installment payments provided under the terms of the promissory note.
Bankruptcy - The inability of a debtor to pay one’s financial debts when due and where relief has been sought and has been granted through a special court action that makes it possible to resolve or eliminate the debtor’s debts.
Bid - The amount a party offers to pay on the home.
Bilateral Contract - A contract under which two parties exchange promises for the performance of certain acts. For example - Mr. A promises to buy Mr. B’s house and Mr. B promises to transfer its title to Mr. A.
Blanket Mortgage Or Trust Deed - A loan that covers two or more properties and often an entire subdivision where those properties are pledged or conveyed as security for the debt and which permits the borrower to obtain a partial re-conveyance when a parcel is sold.
Bleeding A Project - 1. In new construction overstating expenses and fees so as to divert a larger than normal amount of the project costs to the developer’s profit. 2. In managing existing real estate so as to obtain the highest possible current income from it.
Blighted Area -A district affected by detrimental influences of such an extent that real property values have seriously declined as a result of adverse land use and/or destructive economic forces. An area with rapidly depreciating buildings and no recognizable prospect.
Book Value - The current value for accounting purposes of an asset expressed as original cost plus capital additions and less accumulated depreciation.