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POWER OF ATTORNEY A written instrument authorizing a person(the attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument. 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. INDEPENDENT CONTRACTOR One who is retained to perform a certain act, but who is subject to the control and direction of another only as to the end result and not as how he performs the act. The critical feature, and what distinguishes an independent contractor and an employee or agent, is the right to control. WALK-THROUGH A final inspection of a home to check for problems that may need to be corrected before closing. PREPAID EXPENSES Taxes, insurance and assessments paid in advance of their due dates. These expenses are included at closing. TRADE FIXTURES Articles of personal property annexed to leased premises by the tenant, as a necessary part of the tenant's trade or business. FLOOR AREA RATIO The ratio of floor area to land area expressed as a percent or decimal, which is determined by dividing the total floor area on a zoning lot by the lot area. |
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