Normal Size Small Size show me how
CA Real Estate Practice- Understanding Escrow
|created when new written agreement instructs a neutral third party to hold funds and proceed only when all agreed conditions have been performed
|escrow business that accepts payments and funds as a licensed escrow holder
|not licensed but acts as an agent by a licensed escrow company
|How many days must funds be delivered after acceptance?
|What are three ways to terminate escrow?
|Complete, mutual agreement, court/interpleader
|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
|statement by lender that provides information such as unpaid balance, monthly payment, and interest rate
|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.
|Abstract of Title
|written summary of property's documents that evidences title
|Chain of Title
|recorded public history of a specific property
|all information about people and their real property stored in computers (within a grantor-grantee index)
|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
|sale of real estate in which payments for property extend over more than one year
|trading of one property for another
|real property held for investment that can be exchanged for another investment property under IRS Section 1031
|any net cash or net mortgage relief that a participant in an exchange might receive in addition to actual property
|inventory of properties for sale to customer