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Keep in mind:Legally, a seller's best bet for successfully backing out of a sale is if a contingency written into the contract has not been met. Legally, a seller’s best bet for successfully ...
Escrow can be canceled at any time during the transaction, up until all of the contingencies written into the offer have been met. Timing is crucial during this phase, though.
A lien release, also known as a release of lien or a cancellation of lien, is a document that may be voluntarily provided by a lien claimant, such as a subcontractor, in exchange for payment or a promise of payment from a general contractor or a property owner. Negotiations may be tricky, as lien claimants generally want to be paid before they ...
Escrow is an account separate from the mortgage account where deposit of funds occurs for payment of certain conditions that apply to the mortgage, usually property taxes and insurance. The escrow agent has the duty to properly account for the escrow funds and ensure that usage of funds is explicitly for the purpose intended.
If the homeowner's insurance is canceled after a mortgage agreement is in force, and the home judged to be uninsurable, a standard mortgage contract that compels homeowner's insurance allows the lender to purchase collateral protection insurance, (sometimes called "force-placed insurance") and charge the premiums to the homeowner via escrow ...
The real estate escrow, also known as a pre-sale escrow, is designed to protect the buyer and the seller if the purchase falls through. Sellers can request earnest money as a show of good faith ...
The Natural Hazards Disclosure Act, under Sec. 1103 of the California Civil Code, [1] states that real estate seller and brokers are legally required to disclose if the property being sold lies within one or more state or locally mapped hazard areas. The law specifies that the six (6) required hazards be disclosed on a statutory form called the ...
The state of California announced a one-year moratorium on the cancellation or non-renewal of homeowners insurance policies in zip codes affected by the Los Angeles-area wildfires.