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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 a property.
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.
An improvement that intrudes illegally on another's property.
Anything that affects or limits the fee simple title to a property, such as mortgages, leases,
easements, or restrictions.
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 and other liens.
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.
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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.
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.
The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance,
and other property expenses as they become due.
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 report on the title of a property from the public records or an abstract of the
title.
A written contract that gives a licensed real estate agent the exclusive right to sell
a property for a specified time.
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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