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C10 Escrow

CA Real Estate Practice- Understanding Escrow

QuestionAnswer
Escrow created when new written agreement instructs a neutral third party to hold funds and proceed only when all agreed conditions have been performed
Neutral Depository escrow business that accepts payments and funds as a licensed escrow holder
Escrow Officer/Holder/Agent not licensed but acts as an agent by a licensed escrow company
How many days must funds be delivered after acceptance? 3 days
What are three ways to terminate escrow? Complete, mutual agreement, court/interpleader
Escrow Instructions formal instructions drawn from info in original agreement (usually the signed purchase agreement)
Payoff Demand Statement formal demand from lender that details amount owed to payoff loan in full
Beneficiary's Statement statement by lender that provides information such as unpaid balance, monthly payment, and interest rate
Closing Date the date by which all documents are recorded
When should a seller have a termite report completed? before putting the home on the market
California Standard Form Fire Insurance Policy insures a dwelling against what? fire & lightning
Extended Coverage Endorsement insures against additional perils of windstorm, explosion, hail, aircraft, smoke, riot, and vehicles not attributed to strike or civil commotion
A seller must disclose in writing if he/she has filed an insurance claim within the last ____ years. 5 years
Abstract of Title written summary of property's documents that evidences title
Chain of Title recorded public history of a specific property
Title Plant all information about people and their real property stored in computers (within a grantor-grantee index)
Title Insurance insures lender against losses that result from imperfections in title
Before any title search can begin, which statement/document is needed? Statement of Information
Preliminary Title Report report showing condition of title before sale or loan transaction
California Land Title Association (CLTA) basic title insurance policy
Installment Sale sale of real estate in which payments for property extend over more than one year
Exchanging trading of one property for another
Like-Kind Property real property held for investment that can be exchanged for another investment property under IRS Section 1031
Boot any net cash or net mortgage relief that a participant in an exchange might receive in addition to actual property
Dealer Property inventory of properties for sale to customer
Created by: lbrito0610