A statement made in a document certifying that the transaction concerned is not part of a larger transaction series that exceeds a certain monetary value, primarily used to determine stamp duty requirements.
Escrow Closing is a term used to signify the finalization of real estate transactions, particularly in states where deeds of trust are used in place of traditional mortgages. This process involves an escrow agent ensuring that all documents and funds are properly managed and disbursed.
Evidence of Title refers to documents that demonstrate ownership of property, such as deeds, which should be securely stored, such as in a bank vault. It is essential for property transactions and legal clarity.
The grantee is the party to whom the title of real property is conveyed, effectively the buyer or recipient in a real estate transaction. This term is often used in legal documents such as deeds, contracts, and wills.
A detailed understanding of a mortgage commitment helps both borrowers and lenders formalize the loan process and prepare for property transactions.
A residential broker is a real estate professional who specializes in listing and selling houses or condominiums. They aid clients in buying, selling, or renting residential properties.
A vendee is a buyer, particularly in the context of a contract for the sale of real estate.
