by Ethan Atkinson | Feb 6, 2026 | P-T, PropertyPedia
In real estate transactions, a payoff escrow is an escrow arrangement established specifically to pay off an existing loan secured by property. It is commonly created as part of a larger escrow and is often referred to as a sub escrow. The payoff escrow ensures that...
by Ethan Atkinson | Feb 6, 2026 | P-T, PropertyPedia
In real estate finance, a payoff refers to the full payment of an outstanding loan balance or other lien secured by property. It satisfies the borrower’s obligation and brings the debt to an end. Upon payoff, the lender is required to release the lien against the...
by Ethan Atkinson | Feb 6, 2026 | P-T, PropertyPedia
In real estate finance, a payment cap is a limit placed on the amount that a borrower’s periodic payment can increase under an adjustable mortgage loan. This cap applies regardless of how much the interest rate rises during an adjustment period. When a payment cap...
by Ethan Atkinson | Feb 6, 2026 | P-T, PropertyPedia
In real estate, a patent defect is a flaw or deficiency in property that is plainly visible or that would be discovered through the exercise of ordinary care. It is a condition that can be identified by reasonable inspection without the need for specialized testing or...
by Ethan Atkinson | Feb 6, 2026 | P-T, PropertyPedia
In real estate and property law, a party wall is a wall constructed on the boundary line between two adjoining properties that are under separate ownership. The wall is intended for the use and benefit of both properties. Party walls commonly support structures on...
