Flashcards in Vocabulary Letter E Deck (30):
a deposit made by a purchaser of real estate to show good faith.
the right, privilege, or interest that one party has in the land of another.
Easement by Necessity
the right of an owner to cross over another's property for a special necessary purpose.
Easement by Prescription
continued use of another's property for a special purpose can convert to permanent use if certain conditions are met.
a means of access or exit.
the right of the government or a public utility to acquire property for necessary public use by condemnation, but the owner must be fairly compensated.
a special Fannie Mae housing initiative that offers several different ways for employers to work with local lenders to develop plans to assist their employees in purchasing homes.
a building, part of a building, or obstruction that physically intrudes upon, overlaps, or trespasses upon the property of another.
any right to or interest in land that affects its value, including mortgage loans, unpaid taxes, easements, junior liens, or deed restrictions.
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 legal doctrine in some states in which, under a contract of sale, buyers and sellers are treated as though the closing has taken place in that the seller in possession has an obligation to take care of the property.
the interest held by one who has agreed to purchase, but has not yet closed the transaction.
The value of the unencumbered interest in real estate as determined by subtracting the total of the unpaid mortgage balances plus the sum of any current liens against the property from the property's fair market value.
the reversion of property to the state in the event that the owner dies without leaving a will and has no legal heirs.
an agreement between two or more parties providing that certain instruments or property be placed with a third party for safekeeping, pending the fulfillment or performance of a specified act or condition.
An account from which funds can be disbursed only for specified reasons; i.e. the money is held in trust for a specific use. In lending, these accounts are most often used to hold and disburse real estate taxes and hazard insurance premiums which have been paid in advance (usually on a monthly basis) by the borrower.
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.
funds collected by the loan servicer and set aside in an escrow account to pay borrower expenses such as property taxes, mortgage insurance, and hazard homeowners insurance.
the use of escrow funds to pay real estate taxes, homeowners insurance, mortgage insurance, and other property expenses as they become due.
the portion of a borrower's monthly payment that is held by the loan servicer to pay for taxes, hazard homeowners insurance, mortgage insurance, lease payments, and other items as they become due. Known as "impounds" or "reserves" in some states.
the degree, nature, and extent of interest that a person has in real property.
Estate at Sufferance
the wrongful occupancy of property by a tenant after the lease has expired.
Estate for Life
see Life Estate.
a tax on the value of property left by the deceased, subject to certain tax rules.
a doctrine of law that stops one from later denying facts which that person once acknowledged were true and others accepted on good faith.
legal proceeding by a lessor (landlord) to recover possession of property.
under Section 1031 of the IRS Tax Code, like-kind property used in a trade or business or held as an investment can be exchanged tax-free, subject to certain conditions.
a written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time, but reserving the owner's right to sell the property alone without the payment of a commission.
provision in a mortgage allowing the borrower to surrender the property to the lender without personal liability.