Escrow & Title
What is a 'deed restriction' and how does it affect Idaho property buyers?
AA government-imposed restriction on deed recording fees
BA private limitation on how property may be used, typically created by a prior grantor and running with the land to bind all future owners✓ Correct
CA restriction on how many times a property can be sold
DA lender's restriction on early mortgage payoff
Explanation
Deed restrictions (restrictive covenants) are private limitations placed by a grantor restricting future uses of the property. They run with the land, binding all future owners.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
State-Specific Concepts
Recording Requirements
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