REAL ESTATE GLOSSARY
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earnest money deposit
A deposit made by the potential home buyer to show that he
or she is serious about buying the house.
easement
A right of way giving persons other than the owner access to
or over a property.
effective age
An appraiser's estimate of the physical condition of a
building. The actual age of a building may be shorter or
longer than its effective age.
eminent domain
The right of a government to take private property for
public use upon payment of its fair market value. Eminent
domain is the basis for condemnation proceedings.
encroachment
An improvement that intrudes illegally on another's
property.
encumbrance
Anything that affects or limits the fee simple title to a
property, such as mortgages, leases, easements, or
restrictions.
Equal
Credit Opportunity Act (ECOA)
A federal law that requires lenders and other creditors to
make credit equally available without discrimination based
on race, color, religion, national origin, age, sex, marital
status, or receipt of income from public assistance
programs.
escrow
An item of value, money, or documents deposited with a third
party to be delivered upon the fulfillment of a condition.
For example, the earnest money deposit is put into escrow
until delivered to the seller when the transaction is
closed.
escrow account
Once you close your purchase transaction, you may have an
escrow account or impound account with your lender. This
means the amount you pay each month includes an amount above
what would be required if you were only paying your
principal and interest. The extra money is held in your
impound account (escrow account) for the payment of items
like property taxes and homeowner's insurance when they come
due. The lender pays them with your money instead of you
paying them yourself.
escrow analysis
Once each year your lender will perform an "escrow analysis"
to make sure they are collecting the correct amount of money
for the anticipated expenditures.
escrow disbursements
The use of escrow funds to pay real estate taxes, hazard
insurance, mortgage insurance, and other property expenses
as they become due.
estate
The ownership interest of an individual in real property.
The sum total of all the real property and personal property
owned by an individual at time of death.
eviction
The lawful expulsion of an occupant from real property.
examination of title
The report on the title of a property from the public
records or an abstract of the title.
exclusive listing
A written contract that gives a licensed real estate agent
the exclusive right to sell a property for a specified time.
executor
A person named in a will to administer an estate. The court
will appoint an administrator if no executor is named.
"Executrix" is the feminine form.
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