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CLOSING COSTS Expenses of the sale which must be paid in addition to the purchase price (in the case of the buyer's expenses), or be deducted from the proceeds of the sale (in the case of the seller's expenses). ESCROW ACCOUNT An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses escrow account funds on behalf of the borrower when they become due. Also known as Impound Account. BUILDING PERMIT A written permission granted by the County Building Department and required prior to beginning the construction of a new building or other improvement (including fences, fence walls, retaining walls and swimming pools). RECEIVER An independent party appointed by a court to impartially receive, preserve and manage property which is involved in litigation, pending final disposition of the matter before the court. WAIVER Voluntary relinquishment or surrender of some right or privilege. WEAR AND TEAR The gradual physical deterioration of property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable. USURY Charging a rate of interest in excess of that permitted by law. |
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