11. EARNEST MONEY DEPOSIT

A neutral third party to a real estate transaction into which a seller deposits the conveyance deed and a buyer deposits their money; the deed and the money are held in trust until such time as all specified conditions to the Purchase and Sale...

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12. ESCROW:

(Also called a RESERVE ACCOUNT) An account in which a borrower’s monthly deposits for the payment of real estate taxes, hazard insurance and / or private mortgage insurance are held in trust by their lender until such time as payment of these...

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13. ESCROW ACCOUNT

(Also called a RESERVE ACCOUNT) An account in which a borrower’s monthly deposits for the payment of real estate taxes, hazard insurance and / or private mortgage insurance are held in trust by their lender until such time as payment of these...

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14. ESCROW OFFICER

An individual licensed to engage in the practice of escrow under the Escrow Agent Registration Act (RCW 18.44).

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15. EXCISE TAX

A tax which is levied on the transfer of land ownership. Currently, the excise tax for most of Washington is 1.78% of the sale price. This is then divided between the State and the County in which the property is located. This tax is usually charged...

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16. FIRPTA

An acronym for the Foreign Investment in Real Property Tax Act which states that if a seller is, or may be, a non-resident alien or a foreign corporation, partnership, trust or estate for the purposes of United States taxation, he / she / it may be...

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17. 24 HOUR COLLECTED FUNDS

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

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18. FULFILLMENT DEED

A deed given in fulfillment of some obligation.

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19. HOMEOWNER’S ASSOCIATION

A nonprofit association made up of homeowners in a particular area (such as a planned unit development or condominium), responsible for enforcing the CCRs and managing other community affairs.

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20. HUD-1 SETTLEMENT STATEMENT

A uniform statement required on most real estate transactions involving an institutional lender which outlines all the financial aspects of the transaction in detail and indicates how much cash each part will be required to pay or will be receiving...

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