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There are 18 entries in the definition.
Pages: 1
Term Definition
Earnest MoneyThe deposit money given to the seller or his agent by the potential buyer upon the signing of the agreement of sale to show that he is serious about buying the house. If the sale goes through, the earnest money is applied as part of the down payment. If the sale does not go through, the earnest money will be forfeited or lost unless the binder or offer to purchase expressly provides that it is refundable.
 
Easement RightsA right-of-way granted to a person or company authorizing access to or over the owner's land. An electric company obtaining a right-of-way across private property is a common example.
 
Effective DemandA qualifying term meaning the ability to pay as well as desire to buy
 
EgressThe right to leave a tract of land. Usually used as part of the term "ingress and egress" and interchangeably with "access."
 
Eminent DomainThe right of a government to take privately owned property for public purposes under condemnation proceedings upon payment of its reasonable value. See Condemnation.
 
EncroachmentAn obstruction, building or part of a building that intrudes beyond a legal boundary onto neighboring private or public land, or a building extending beyond the building line or into an easement.
 
EncumbranceA legal right or interest in land that affects a good or clear title and diminishes the land's value. It can take numerous forms, such as zoning ordinances, easement rights, claims, mortgages, liens, charges, a pending legal action, unpaid taxes or restrictive covenants. An encumbrance does not legally prevent transfer of the property to another. A title search is all that is usually done to reveal the existence of such encumbrances, and it is up to the buyer to determine whether he wants to purchase with the encumbrance or what can be done to remove it.
 
EndorsementAddition to or modification of a title insurance policy which expands or changes coverage of the policy, fulfilling specific requirements of the insured.
 
EquityThe market value of real property , less the amount of existing liens..
 
EscheatThe reversion of property to the state when an owner dies leaving no legal heirs, devisees or claimants.
 
EscrowFunds paid by one party to another (the escrow agent) to hold until the occurrence of a specified event, after which the funds are released to a designated individual. In FHA mortgage transactions, an escrow account usually refers to the funds a mortgagor pays the lender at the time of the periodic mortgage payments. The money is held in a trust fund, provided by the lender for the buyer. Such funds should be adequate to cover yearly anticipated expenditures for mortgage insurance premiums, taxes, hazard insurance premiums and special assessments.
 
Estate

 

  1. The interest or nature of the interest which one has in property, such as a life estate, the estate of a decreased, real estate, etc.
  2. A large house with substantial grounds surrounding it, giving the connotation of belonging to a wealthy person.

 

 
EstoppelA legal restraint that stops or prevents a person from contradicting or reneging on his previous position or previous assertions or commitments.
 
Examination (of Title)The study of the instruments incident to a chain of title to determine their effect and condition in order to reach a conclusion as to the status of the title.
 
ExceptionA provision in a title insurance binder or policy that excludes liability for a specific title defect or an outstanding lien or encumbrance.
 
ExecuteTo sign a legal instrument. A deed is said to be executed when it is signed, sealed, witnessed and delivered.
 
Execution SaleSale of real property under a writ of execution by a court. A judicial mortgage foreclosure sale is in this category.
 
ExecutorA person appointed in a will and affirmed by the probate court to cause a distribution of the decedent's estate in accordance with the will. (The one who makes the will is called a "testator.") If a woman is appointed, she is referred to as the "executrix." 
 


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