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Earnest Payment
An earnest payment or earnest money is a specific form of security deposit made in some major transactions such as real estate dealings or required by some official procurement processes to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction. In the Middle Ages, the earnest payment was called variously an earnest penny, Arles penny, or God's silver (in Latin Argentum Dei). It was either money or a valuable coin or token given to bind a bargain, notably for the purchase or hiring of a servant. According to Black's Law Dictionary (sixth ed.), ''Et cepit de praedicto Henrico tres denarios de Argento Dei prae manibus'' ("And he took it from the aforesaid Henry ealed by a silver three pence iece handed over n the sight ofGod"). A potential buyer of property of high value such as residential real estate generally signs a contract and pays a sum acceptable to the seller by way of earnest money. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Deposit
A security deposit is a sum of money held in trust either as an initial part-payment in a purchasing process (often used to prevent the seller's selling an item to someone else during an agreed period of time while the buyer verifies the suitability of the item, or arranges finance), also known as an earnest payment, or else, in the course of a rental agreement to ensure the property owner against default by the tenant and for the cost of repair in relation to any damage explicitly specified in the lease and that did in fact occur. In certain taxation regimes a deposit need not be declared as a part of the gross income of the receiving party (person or corporation) until either the depositing party or an arbitrator agrees the funds may be used for the intended purpose. The United States Supreme Court ruled in '' Commissioner v. Indianapolis Power & Light Co.'' (1990) that a deposit differs from an advance payment because the depositing party has dominion over the funds and re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust (law)
A trust is a legal relationship in which the holder of a right gives it to another person or entity who must keep and use it solely for another's benefit. In the Anglo-American common law, the party who entrusts the right is known as the " settlor", the party to whom the right is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the "beneficiary", and the entrusted property itself is known as the "corpus" or "trust property". A ''testamentary trust'' is created by a will and arises after the death of the settlor. An ''inter vivos trust'' is created during the settlor's lifetime by a trust instrument. A trust may be revocable or irrevocable; an irrevocable trust can be "broken" (revoked) only by a judicial proceeding. The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Systems
A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, instruments, people, rules, procedures, standards, and technologies that make its exchange possible.Biago Bossone and Massimo Cirasino, "The Oversight of the Payment Systems: A Framework for the Development and Governance of Payment Systems in Emerging Economies"The World Bank, July 2001, p.7 A common type of payment system, called an operational network, links bank accounts and provides for monetary exchange using bank deposits. Some payment systems also include credit mechanisms, which are essentially a different aspect of payment. Payment systems are used in lieu of tendering cash in domestic and international transactions. This consists of a major service provided by banks and other financial institutions. Traditional payment systems include negotiable instruments such as drafts (e.g., cheques) and documentary credits such as letters ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Real Estate Topics
This aims to be a complete list of the articles on real estate. __NOTOC__ # * 72-hour clause A * Abandonment * Abstract of title * Acceleration clause * Accession * Acknowledgment * Acre – a measure of land area * Action to quiet title * Ad valorem tax * ADA * Adjustable-rate mortgage (ARM) * Adjusted basis * Administrator/Administratrix * Adverse possession * Agency – Real estate agency, Buyer brokerage * Agent – Real estate agent or broker, Estate agent * Agreement * Air rights * Al Ramz * Alienation * Allodial, Allodium * Allodial title * Alluvion * Amenity * American Land Title Association (ALTA) * Americans with Disabilities Act of 1990 * Amortization calculator * Amortization schedule * Amortizing loan * Anchor store * Annexation * Annual percentage rate * Apartment * Appraisal, real estate * Appraised value – An estimate of the present worth of a property * Appreciation * APR * Appurtenance * Appurtenant easement * ARELLO * Arm's length transac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
King's Shilling
The King's shilling, sometimes called the Queen's shilling when the Sovereign is female, is a historical slang term referring to the earnest payment of one shilling given to recruits to the Armed forces of the United Kingdom in the 18th, 19th and 20th centuries, although the practice dates back to the end of the English Civil War. To "take the King's shilling" was to agree to serve as a sailor or soldier in the Royal Navy or the British Army. It is closely related to the act of impressment. The practice officially stopped in 1879, although the term is still used informally and there are some cases of it being used still in the early 20th century, albeit largely symbolically. British Army A recruit was still entitled to return the shilling until becoming subject to military law upon formal attestation before a Justice of the Peace. At this point, a more substantial bounty was paid to the new recruit, which fluctuated from two guineas to a high of £23/17/6d in 1812. However, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Title Company
Title insurance is a form of indemnity insurance predominantly found in the United States and Canada which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans. Unlike some land registration systems in countries outside the United States, US states' recorders of deeds generally do not guarantee indefeasible title to those recorded titles. Title insurance will defend against a lawsuit attacking the title or reimburse the insured for the actual monetary loss incurred up to the dollar amount of insurance provided by the policy. The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease, or life estate. There are two types of policies – owner and lend ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Settlement (closing)
The closing (also called the completion or settlement) is the final step in executing a real estate transaction. It is the last step in purchasing and financing a property. On the closing day, ownership of the property is transferred from the seller to the buyer. In most jurisdictions, ownership is officially transferred when a deed from the seller is delivered to the buyer. The closing process The closing process officially begins once the seller accepts, signs, and returns a purchase offer (also known as a purchase agreement). The closing date is set during the property negotiation phase and is usually several weeks after an offer is formally accepted. At a high level, the closing typically involves the following parties: the seller, the buyer, real estate agents, attorneys (depending on the state), the mortgage lender, and the settlement agency (also known as a title company). State and regional legislation can greatly impact the closing process so the closing process can v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Broker
A real estate agent or real estate broker is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency. Many states require written disclosures to be signed by all parties outlining the duties and obligations. Generally, real estate brokers or agents fall into four categories of representation: *Seller's agents, commonly called "listing brokers" or "listing agents", are contracted by owners to assist with marketing property for sale or lease. *Buyer's agents are brokers or salespersons who assist buyers by helping them purchase property. *Dual agents hel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Escrow
An escrow is a contractual arrangement in which a third party (the stakeholder or escrow agent) receives and disburses money or property for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties. Examples include an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or, a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums. The word derives from the Old French word , meaning a scrap of paper or a scroll of parchment; this indicated the deed that a third party held until a transaction was completed. Types Escrow generally refers to money held by a third party on behalf of transacting parties. It is mostly used regarding the purchase of shares of a company. It is best known in the United States in the context of the real estate industry (specifically in mor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Threepence (British Coin)
The British threepence piece, usually simply known as a threepence, ''thruppence'', or ''thruppenny bit'', was a denomination of sterling coinage worth of one pound or of one shilling. It was used in the United Kingdom, and earlier in Great Britain and England. Similar denominations were later used throughout the British Empire and Commonwealth countries, notably in Australia, New Zealand and South Africa. The sum of three pence was pronounced variously , or , reflecting different pronunciations in the various regions of the United Kingdom. The coin was often referred to in conversation as a , or bit. Before Decimal Day in 1971, sterling used the Carolingian monetary system, under which the largest unit was a pound divided into 20 shillings, each of 12 pence. The threepence coin was withdrawn in 1971 due to decimalisation and replaced by the decimal new penny, with 2.4''d'' being worth 1p. Early threepences The three pence coin – expressed in writing as " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general."Real estate": Oxford English Dictionary online: Retrieved September 18, 2011 In terms of law, ''real'' is in relation to land property and is different from personal property while ''estate'' means the "interest" a person has in that land property. Real estate is different from personal property, which is not permanently attached to the land, such as vehicles, boats, jewelry, furniture, tools and the rolling stock of a farm. In the United States, the transfer, owning, or acquisition of real estate can be through business corporations, individuals, nonprofit corporations, fiduciaries, or any legal entity as seen within the law of each U.S. state. History of real estate The natural right of a person ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Transaction
A financial transaction is an Contract, agreement, or communication, between a buyer and seller to exchange goods, Service (economics), services, or Asset, assets for payment. Any transaction involves a change in the status of the finances of two or more businesses or individuals. A financial transaction always involves one or more financial asset, most commonly money or another valuable item such as gold or silver. There are many types of financial transactions. The most common type, purchases, occur when a good, service, or other commodity is sold to a consumer in exchange for money. Most purchases are made with cash payments, including Cash, physical currency, Debit card, debit cards, or Cheque, cheques. The other main form of payment is credit, which gives immediate access to funds in exchange for repayment at a later date. History There is no evidence to support the theory that ancient civilizations worked on systems of barter. Instead, most historians believe that ancient ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
