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Please select the first letter in the dictionary.
Earnest Money - The deposit money given to the seller or his/her agent by the potential buyer upon the signing of the agreement of sale to show that he/she is serious about buying the house. If the sale goes through, the earnest money is applied against 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 Rights - A 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. Eminent Domain - The right of a government to take privately-owned property for public purposes under condemnation proceedings subject to payment of its fair market value. Encroachment - An 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. Encumbrance - A 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 convenants. 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. It is up to the buyer to determine whether he/she wants to purchase the property with the encumbrance. Endorsements to Title Insurance - Lender's title insurance issued to the lender is required by law to have certain exclusions from coverage, as do the underwriters of title insurance. These exclusions modify the master policy and attach specific provisions to the insurance coverage. Entitlement - Also known as "eligibility." The VA guaranteed home loan benefit. 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. Equity - Also known as "the owner's interest." Equity is the difference between the market value of a piece of real estate and any indebtedness against it. Escrow - Funds paid by one party to another (the escrow agent) to hold until the occurrence of a specified event relating to the funds. After which the funds are released to designated individuals as set forth in the instructions by the grantor of funds. Estate - (1) The right, title, or interest that a person has in any property. (2) The property that was owned by a deceased person that becomes part the estate of the decedent and is possibly subject to probate proceedings. Estoppel - (1) A legal restraint that stops or prevents a person from contradicting or reneging on his previous position or previous asserts or commitments. (2) Payoff statement from lender and/or entity with authority to assess real property as to any outstanding payments due at time of closing. Examination - The study of the chain of title and all encumbrances and liens thereto to determine their effect and condition in order to reach a conclusion as to the status of the title. Exception - A provision in a title insurance binder or policy that excludes a liability for a specific title defect or an outstanding lien or encumbrance. Execute - To sign a legal instrument. For example, a deed is said to be executed when it is signed, witnessed, notarized, and delivered properly to the recipient.
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