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|Tax and Insurance Escrow||
An escrow account funded through monthly contributions by the mortgagor, required by a mortgage lender to fund annual property tax assessments and hazard insurance premiums, and thus lowering the risk of default by the borrower.
A lien against a property for failure to pay the taxes.
The initial contract interest rate charged on an adjustable rate mortgage for the first adjustment interval, and is significantly lower than the full adjusted rate at the time.c
The arrangements and conditions that are specified within a contract.
|Time is of the Essence||
The phrase that, when included in a contract, requires all references to specific dates and times of day noted in the contract be understood as exact, and which in its absence extreme delays could be acceptable.
Legal document providing evidence of ownership.
An unresolved claim against the ownership of a property that prevents the seller from providing the buyer a clear title to the property.
The insurance policy protecting the title holder from loss due to defects in the title.
The examination of public records to find out the ownership and encumbrances that affect a real property.
|Title Theory State||
A state where the lender has legal title to the mortgaged property and the borrower has an equitable title, in contrast with lien theory state. Taxes is not a title theory state.
|Triple Net Lease||
A lease that the tenant pays all operating expenses for the property so that the landlord receives net rent with tenant paying; taxes, insurance, and maintenance in addition to normal operating expenses
An entity where property is transferred to a trusted third party trustee by a grantor/trustor, where the trustee holds the property for the benefit of the beneficiary of the trust.
The conveyance of real estate to a third party to be held for the benefit of another. It is commonly used in some states instead of mortgages that conditionally convey title to the lender; same as a Deed of Trust.
Someone who holds property in a trust for another securing the performance of an obligation, or the neutral party in a transaction by trust deed.