- earnest money deposit
- A deposit made by the potential home buyer to show that he or she is
serious about buying the house.
- A right of way giving persons other than the owner access to or over
- 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.
- effective gross income
- Normal annual income including overtime that is regular or
guaranteed. The income may be from more than one source.
Salary is generally the principal source, but other income may qualify
if it is significant and stable.
- Anything that affects or limits the fee simple title to a property,
such as mortgages, leases, easement, or restrictions.
- A person who signs ownership interest over to another party.
Contrast with co-maker.
- 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.
- A homeowner's financial interest in a property. Equity is the
difference between the fair market value of the property and the
amount still owed on its mortgage.
- An item of value, money, or documents deposited with a third party
to be delivered upon the fulfillment of a condition. Fox
example, the deposit by a borrower with the lender of funds to pay
taxes and insurance premiums when they become due, or the deposit of
funds or documents with an attorney or escrow agent to be disbursed
upon the closing of a sale of real estate.
- escrow account
- The account in which a mortgage servicer holds the borrower's escrow
payments prior to paying property expenses.
- escrow analysis
- The periodic examination of escrow accounts to determine if current
monthly deposits will provide sufficient funds to pay taxes,
insurance, and other bills when due.
- escrow collections
- Funds collected by the servicer and set aside in an escrow account
to pay the borrower's property taxes, mortgage insurance, and hazard
- escrow disbursements
- The use of escrow funds to pay real estate taxes, hazard insurance,
mortgage insurance, and other property expenses as they become due.
- escrow payment
- The portion of a mortgagor's monthly payment that is held by the
servicer to pay for taxes, hazard insurance, mortgage insurance, lease
payments, and other items as they become due. Known as
"impounds" or "reserves" in some states.
- 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.
- 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.