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HEIR A person who inherits under a will or a person who succeeds to property by the laws of descent if the decedent dies without a will (intestate). ERRORS AND OMISSIONS INSURANCE A form of insurance which covers liabilities for errors, mistakes and negligence in the usual listing and selling activities of a real estate office or escrow company. PURCHASE AGREEMENT Contract signed by buyer and seller stating the terms and conditions under which a property will be sold. TRUST FUND ACCOUNT An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others. RESPA Real Estate Settlement Procedures Act. RESPA is a federal law that gives consumers the right to review information about loan settlement costs. The law gives you the right to review this information after you apply for a loan, and again at loan settlement. The law only obliges lenders to provide these settlement costs after application. SURVEY A measurement of land, prepared by a licensed surveyor, showing a property's boundaries, elevations, improvements, and relationship to surrounding tracts. PROSPECT A person or corporation who may be interested in buying or selling real property. The prospect does not become a client until the parties establish a fiduciary relationship, such as upon signing a listing contract or upon executing a DROA. |
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