Real Estate Term of the Day: Default DEFAULT – failure to fulfill an obligation or promise, or to perform specified acts (Barron’s Dictionary of Real Estate Terms) Two common forms of a default in terms of real estate are: Default by either buyer or seller of the agreed upon purchase agreement. In the State of … More Real Estate Term of the Day: Default
Real Estate Term of the Day: Deed of Trust DEED OF TRUST – an instrument used in the State of Colorado in lieu of a mortgage (a written instrument that creates a lien upon real estate as security for the payment of a specified debt). Legal title to the property is vested in one or … More Real Estate Term of the Day: Deed of Trust
Real Estate Term of the Day: Deed in Lieu of Foreclosure DEED IN LIEU OF FORECLOSURE – the act of giving property back to a lender without foreclosure (Barron’s Dictionary of Real Estate Terms) If you are facing foreclosure or considering a deed in lieu of foreclosure, you should seek legal advice from a foreclosure … More Real Estate Term of the Day: Deed in Lieu of Foreclosure
Real Estate Term of the Day: Debit & Credit DEBIT – in a closing statement, an item that is charged to a party in contrast with a credit (Barron’s Dictionary of Real Estate Terms) Typical debits for a buyer include: Purchase price Tax escrow Insurance escrow Title closing fee Deed recording fees Appraisal fee Tax … More Real Estate Term of the Day: Debit & Credit
LESLIE MONACO REAL ESTATE 