Real Estate Recovery Fund Sample Clauses

Real Estate Recovery Fund. A Real Estate Recovery Fund ------------------------- exists to reimburse any person who has obtained a final civil judgment against a Pennsylvania real estate licensee owing to fraud, misrepresentation or deceit in a real estate transaction. For more information call (000) 000-0000.
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Real Estate Recovery Fund. This language is required by the Real Estate Licensing and Registration Act. Paragraph 30: COMMUNICATIONS WITH BUYER AND/OR SELLER‌ Subparagraph (A): Providing Documents to Broker This paragraph requires the buyer to provide copies of the Loan Estimate and Closing Disclosure to his or her agent upon receipt. TRID regulations place increased responsibility for accurate disclosures on the lenders, and as a result it is more likely that the lender will be preparing these documents. However, these documents are to be provided directly to the consumer – both because of confidentiality issues and because of what the regulations require - not to the buyer’s agent. It is important for agents to be provided with these documents to ensure that the buyer is applying for a mortgage according to the terms of the Mortgage Contingency, to make sure that the timeline is being followed, and (of course) to know that closing can occur as scheduled.
Sample 1Sample 2
Real Estate Recovery Fund. This language is required by the Real Estate Licensing and Registration Act. Paragraph 26: Communications with Buyer and/or Seller As you read through the Agreement you will notice that there a certain requirements that items be communicated or delivered to the Buyer and/or the Seller. Bear in mind that these requirements are generally met if delivery or communication is made to the Broker/Agent representing the party. Note: There are two exceptions to this rule: the delivery or condominium or homeowners association documents. The law requires that these documents be delivered directly to the Buyer before her associated five-day review period would begin. Practice Tip: To ensure that these documents are delivered directly to the Buyer (and that the clock for the review period has started ticking), it is a good idea to deliver the documents in person or via a method that allows the licensee (or the Seller) delivering the documents to the Buyer to show when they were delivered. If the documents are being delivered in person, it is recommended that the deliverer use PAR’s Receipt of Documents form (PAR Form ROD). Common examples of methods referred to above include certified mail, FedEx, or UPS. Paragraph 27: Special Clauses‌ Subparagraph (A) Several commonly used PAR addenda are referenced here. When checked, these addenda become part of the Agreement. The blank lines are provided to enable you to insert titles of other addenda (including those that you may draft on your own) that are not referenced on the Agreement.
Sample 1
Real Estate Recovery Fund. A Real Estate Recovery Fund exists to reimburse a person who has obtained a final civil judgment against a Commonwealth real estate licensee owing to fraud, misrepresentations or deceit in a real estate transaction and who has been unable to collect the judgment after exhausting legal and equitable remedies. Details about the Fund may be obtained by calling the State Real Estate Commission at (000) 000-0000.
Sample 1
Real Estate Recovery Fund. There has been established under the Pennsylvania Real Estate Licensing and Registration Act, a Real Estate Recovery Fund, the purpose of which, subject to the provisions of the Act, is to provide a fund for the payment to aggrieved parties upon grounds of fraud, misrepresentation or deceit in connection with a transaction for which a license is required under the Act. Questions concerning such Fund should be directed to the Real Estate commission whose telephone number is (717) 783-3683.
Sample 1

Related to Real Estate Recovery Fund

  • Collection of Taxes, Assessments and Similar Items; Escrow Accounts (a) To the extent required by the related Mortgage Note and not violative of current law, the Master Servicer shall establish and maintain one or more accounts (each, an "Escrow Account") and deposit and retain therein all collections from the Mortgagors (or advances by the Master Servicer) for the payment of taxes, assessments, hazard insurance premiums or comparable items for the account of the Mortgagors. Nothing herein shall require the Master Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.

  • Real Estate Collateral The Borrowers shall, and shall cause their respective Subsidiaries to, deliver to the Collateral Agent as soon as practicable and in any event within 90 calendar days after the Incremental Loan Funding Date (or such longer period as the Collateral Agent may agree in its sole discretion), (a) an amendment to each Mortgage encumbering the Mortgaged Properties in form suitable for recording that shall provide such Mortgage remains in full force and effect and continues to secure the Obligations, as amended by this Incremental Amendment, which mortgage amendment shall be in form and substance reasonably acceptable to the Collateral Agent and its counsel in all respects, (b) endorsements to the mortgagee’s title insurance policies reflecting the amendment to the insured Mortgage as well as a date down endorsement in respect of each of the Mortgaged Properties, reflecting that there are no encumbrances affecting the Mortgaged Properties except as permitted under the Credit Agreement, and in each case in form and substance reasonably satisfactory to the Collateral Agent, (c) a customary opinion of local counsel in each jurisdiction in which a Mortgage Property is located for the benefit of the Collateral Agent with respect to the enforceability of the Mortgages as amended, together with such other opinions as the Collateral Agent shall require, and in form and substance reasonably acceptable to the Collateral Agent and (d) such further documents, instruments, acts or agreements as the Collateral Agent may reasonably request to affirm, secure, renew or perfect the liens of the Mortgages as amended. All of the actions referenced above shall be taken, and documents referenced above shall be delivered, at the sole expense of the Borrowers, including any recording charges, taxes, or other associated costs related thereto.

  • Title to REO Property; REO Account (a) If title to any Mortgaged Property is acquired (and thus becomes REO Property), the deed or certificate of sale shall be issued in the name of the Trust where permitted by applicable law or regulation and consistent with customary servicing procedures, and otherwise, in the name of the Trustee or its nominee on behalf of the Certificateholders and, if applicable, on behalf of the related Companion Holders. REO Property with respect to a Non-Serviced Mortgage Loan is excluded for all purposes of this Section 3.16. The Special Servicer, on behalf of the Trust Fund and, if applicable, the related Serviced Companion Noteholder, shall sell any REO Property prior to the close of the third calendar year following the year in which the Trust Fund acquires ownership of such REO Property, within the meaning of Treasury Regulations Section 1.856-6(b)(1), for purposes of Section 860G(a)(8) of the Code, unless the Special Servicer either (i) applies for an extension of time no later than sixty (60) days prior to the close of the third calendar year in which it acquired ownership (or the period provided in the then applicable REMIC Provisions) and such extension is granted or is not denied (an “REO Extension”) by the Internal Revenue Service to sell such REO Property or (ii) obtains for the Trustee, the Certificate Administrator and the Master Servicer an Opinion of Counsel, addressed to the Trustee, the Certificate Administrator and the Master Servicer, to the effect that the holding by the Trust Fund of such REO Property subsequent to the close of the third calendar year following the year in which such acquisition occurred will not cause the imposition of a tax on the Upper-Tier REMIC or the Lower-Tier REMIC or cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC at any time that any Uncertificated Lower-Tier Interest or Certificate is outstanding. If the Special Servicer is granted or not denied the REO Extension contemplated by clause (i) of the immediately preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii) of the immediately preceding sentence, the Special Servicer shall sell such REO Property within such longer period as is permitted by such REO Extension or such Opinion of Counsel, as the case may be. Any expense incurred by the Special Servicer in connection with its being granted the REO Extension contemplated by clause (i) of the second preceding sentence or its obtaining the Opinion of Counsel contemplated by clause (ii) of the second preceding sentence, shall be an expense of the Trust Fund payable out of the Certificate Account pursuant to Section 3.05(a).

  • Real Estate Assets In order to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid and, subject to any filing and/or recording referred to herein, perfected First Priority security interest in certain Real Estate Assets, Collateral Agent shall have received from Borrower and each applicable Guarantor:

  • Initial Contribution of Trust Property; Organizational Expenses The Property Trustee acknowledges receipt in trust from the Depositor in connection with the Original Trust Agreement of the sum of $10, which constituted the initial Trust Property. The Depositor shall pay organizational expenses of the Trust as they arise or shall, upon request of any Trustee, promptly reimburse such Trustee for any such expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such expenses.

  • Real Estate Leases All leases, subleases, licenses, concessions, options, and other agreements relating to the occupancy of the Leased Real Property, including the right to all security deposits and other amounts and instruments deposited thereunder, are listed on Schedule 4.8.2 (collectively, the “Real Estate Leases”), and Seller has provided Buyer with a copy of such Real Estate Leases. Except as set forth in Schedule 4.8.2: (i) the Real Estate Leases have not been modified, amended, or assigned, are legally valid, binding and enforceable in accordance with their respective terms, and are in full force and effect; and (ii) to Seller’s knowledge, there are no material defaults (or matters that upon written notice or lapse of time would constitute material defaults) by Seller or by any other party to the Real Estate Leases.

  • REO Property A Mortgaged Property acquired by the Servicer on behalf of the Trustee through foreclosure or by deed in lieu of foreclosure, as described in Section 3.17.

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