Glossary
E
Earnest Money Deposit -
A deposit made by a potential home buyer to show that they are serious about
purchasing the property.
Easement -
Giving other persons, other than the owner, access to a property.
Eminent Domain -
The government right to take private property for public use depended on the
payment of its fair market value.
Encumbrance -
Any lien against a property or any restriction it its use, such as an easement; a
right or interest in a property held by one who is not the legal owner.
Equal Credit Opportunity Act (ECOA) -
The act declaring the elimination of discrimination on the basis of age, sex, and
race in finance.
Equity -
The difference between the current market value of a property and the principal
balance of all outstanding loans.
Escalator Clause -
A clause in a loan providing for increases in payments or interest based on
pre-determined schedules or on a specific economic index, such as the
consumer price index.
Escrow -
A third party agent that receives, holds, and/or disburses certain funds or
documents upon the performance of certain conditions. For example, an earnest
money deposit is put into escrow until the transaction is closed. Only then can the
seller receive the deposit.
Escrow Account (impound account) -
An account that a borrower can hold with a lender once a purchase transaction is
closed. This requires borrowers to pay more than the principal and interest each
month. The overage is put into escrow, which the lender uses to pay items like
property taxes and home owner's insurance when they are due. This eliminates
the actual number of payments that a homeowner has to worry about, but not the
amount that has to actually be paid.
Escrow Analysis -
An analysis performed by a lender each year to escrow account holders to ensure
that the correct amount of money is being collected to cover anticipated
payments.
Escrow Fee -
These costs cover the preparation and transmission of all home
purchased-related documents and funds. Escrow fees range from several
hundred to over a thousand dollars, based on the purchase price of your home.
Not all states require funds to be put into escrow accounts for closing.
Estate -
The ownership interest an individual holds in real property. This is also the sum
total of all the real property and personal property owned by an individual at time
of death.
Eviction -
The legal removal of real property occupants for unlawful actions carried out by
those occupants.
Earnest Money Deposit -
A deposit made by a potential home buyer to show that they are serious about
purchasing the property.
Easement -
Giving other persons, other than the owner, access to a property.
Eminent Domain -
The government right to take private property for public use depended on the
payment of its fair market value.
Encumbrance -
Any lien against a property or any restriction it its use, such as an easement; a
right or interest in a property held by one who is not the legal owner.
Equal Credit Opportunity Act (ECOA) -
The act declaring the elimination of discrimination on the basis of age, sex, and
race in finance.
Equity -
The difference between the current market value of a property and the principal
balance of all outstanding loans.
Escalator Clause -
A clause in a loan providing for increases in payments or interest based on
pre-determined schedules or on a specific economic index, such as the
consumer price index.
Escrow -
A third party agent that receives, holds, and/or disburses certain funds or
documents upon the performance of certain conditions. For example, an earnest
money deposit is put into escrow until the transaction is closed. Only then can the
seller receive the deposit.
Escrow Account (impound account) -
An account that a borrower can hold with a lender once a purchase transaction is
closed. This requires borrowers to pay more than the principal and interest each
month. The overage is put into escrow, which the lender uses to pay items like
property taxes and home owner's insurance when they are due. This eliminates
the actual number of payments that a homeowner has to worry about, but not the
amount that has to actually be paid.
Escrow Analysis -
An analysis performed by a lender each year to escrow account holders to ensure
that the correct amount of money is being collected to cover anticipated
payments.
Escrow Fee -
These costs cover the preparation and transmission of all home
purchased-related documents and funds. Escrow fees range from several
hundred to over a thousand dollars, based on the purchase price of your home.
Not all states require funds to be put into escrow accounts for closing.
Estate -
The ownership interest an individual holds in real property. This is also the sum
total of all the real property and personal property owned by an individual at time
of death.
Eviction -
The legal removal of real property occupants for unlawful actions carried out by
those occupants.
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| For additional questions please contact me at 281-650-7592 or via e-mail at kowens@closingjust4you.com |
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