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Durable Power of Attorney

A durable power of attorney simply means that the document stays in effect if you become incapacitated and unable to handle matters on your own. (Ordinary, or "nondurable," powers of attorney automatically end if the person who makes them loses mental capacity.)

Living Trust

A trust is an arrangement in which one or more people manage or take care of property for someone else's benefit. A living trust is a trust that is created during your lifetime. In other words, while you are still alive, you transfer title to your property from your name to that of the trustee of the living trust. You can use the trust to gather your property under one document, so that the property is distributed efficiently after your death.

Public Notary

A Notary Public is an official of integrity appointed by state government —typically by the secretary of state — to serve the public as an impartial witness in performing a variety of official fraud-deterrent acts related to the signing of important documents. These official acts are called notarizations, or notarial acts. Notaries are publicly commissioned as “ministerial” officials, meaning that they are expected to follow written rules without the exercise of significant personal discretion, as would otherwise be the case with a "judicial" official.

Estate Planning

Estate planning is the act of preparing for the transfer of a person's wealth and assets after his or her death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one's estate.

Loan

Written or oral agreement for a temporary transfer of a property (usually cash) from its owner (the lender) to a borrower who promises to return it according to the terms of the agreement, usually with interest for its use. If the loan is repayable on the demand of the lender, it is called a demand loan. If repayable in equal monthly payments, it is an installment loan. If repayable in lump sum on the loan's maturity (expiration) date, it is a time loan. Banks further classify their loans into other categories such as consumer, commercial, and industrial loans, construction and mortgage loans, and secured and unsecured loans. Read more: http://www.businessdictionary.com/definition/loan.html

Escrow Agents and Escrow Agreements.

Posted on August 14, 2019 by directsigningsadmin - Informative, Real Estate

What defines an Escrow Agent?

Your escrow agent is a professional or entity that trustfully holds the property for third parties while a transfer of ownership is finalized. The escrow agent is often a notary or an attorney, both of whom retain fiduciary responsibility to both parties of the agreement.

What is an Escrow Agreement?

An escrow agreement is a binding contract between at least two parties or individuals agree that a third party should hold property or assets until the transaction is completed. The currency or assets are held by the third party escrow agent until the contractual obligations have been completed.

Escrow agents are known for associating with selling or buying residential and commercial properties. They may also be known as title agents, depending on your location. The buyer of the property or asset may deposit the money for the purchase with your escrow agent, validating the transaction.