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CLOTURE SOUS CONDITION [1 record]

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Record 1 2012-12-14

English

Subject field(s)
  • PAJLO
  • Property Law (common law)
OBS

In parts of the United States, real estate is customarily sold through a process known as an escrow closing. In such a closing, the buyer and seller do not meet face to face for an exchange of documents and consideration; rather, the purchaser deposits with the escrow agent the agreed purchase price and such other documents as may be required, while the seller deposits with the escrow agent the executed deed to the property and related documents. In addition, if financing by a lender is to be provided, the mortgage or deed of trust and its related instruments are also deposited with the escrow agent. When the agent has received all of the necessary documents and cash, it will consummate the transaction and title will pass to the purchaser. Between the time that a document or cash is deposited with the escrow agent and the transaction is consummated, the items deposited are considered to be "in escrow". ("The Arnold Encyclopedia of Real Estate", 1978, p. 269)

French

Domaine(s)
  • PAJLO
  • Droit des biens et de la propriété (common law)
OBS

clôture sous condition : terme normalisé par le Comité de normalisation dans le cadre du Programme national de l'administration de la justice dans les deux langues officielles (PAJLO).

OBS

Le syntagme verbal correspondant "close in escrow" peut se rendre en français par «clore sous conditions».

Spanish

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