1. 24 HOUR COLLECTED FUNDS

Closing funds must be deposited twenty-four (24) hours prior to close of escrow.

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2. 1099 REPORTING:

Under the Tax Reform Act of 1986, escrow agents are required to report gross proceeds from the sale of real estate to the Internal Revenue Service.

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3. ADDENDUM:

A supplement to the purchase and sale agreement adding new terms or amending the original terms.

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4. AGENT

A person who acts for another.

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5. APPRAISAL

An expert judgment of the fair market value or worth of a property.

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6. ATTORNEY-IN-FACT

An agent authorized to act for another under a power of attorney.

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7. COMMUNITY PROPERTY

In Washington State, community property is property which is owned jointly by a husband and wife, as distinguished from each spouse’s separate property. Any property acquired after marriage is subject to the community property laws of the state...

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8. DEED

A written instrument by which the ownership of real property is transferred from one person to another.

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9. DEED OF TRUST:

A written instrument that creates a voluntary lien on real property to secure the repayment of a debt (usually in the form of a promissory note). It also includes a power of sale clause which allows a third party, called a trustee, to proceed in a...

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10. DESIGNATED ESCROW OFFICER (DEO):

An escrow officer who also is often the manager of an escrow company. The Designated Escrow Officer is personally responsible, above and beyond the escrow company, itself, for the accuracy of the trust account and activities of any employees...

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