A deposit made by the potential home buyer to show that he or she is serious about buying the house.
Real Estate and Mortgage

A right of way giving persons other than the owner access to or over a property.
Real Estate and Mortgage

A right to use property, acquired by a long tradition of open and obvious use. For example, if hikers have been using a trail through your backyard for ten years and you've never complained, they probably have an easement by prescription through your yard to the trail.
Real Estate and Mortgage

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.
Real Estate and Mortgage

The normal expiration of a lease due to the passage of time, rather than due to a specific event that might cause the lease to end, such as destruction of the building.
Real Estate and Mortgage, Landlords and Tenants

An exit, or the act of exiting. The most famous use of this word was by P.T. Barnum, who put up a large sign in his circus tent saying ''This Way to the Egress''. Thinking an egress was some type of exotic bird, people eagerly went though the passage and found themselves outside the circus tent.
Real Estate and Mortgage

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.
Real Estate and Mortgage

An improvement that intrudes illegally on another's property.
Real Estate and Mortgage

Anything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions.
Real Estate and Mortgage

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.
Real Estate and Mortgage

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.
Real Estate and Mortgage

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.
Real Estate and Mortgage

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.
Real Estate and Mortgage

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.
Real Estate and Mortgage

The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due.
Real Estate and Mortgage

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.
Real Estate and Mortgage

Removal of a tenant from rental property by a law enforcement officer. First, the landlord must file and win an eviction lawsuit, also known as an ''unlawful detainer''.
Real Estate and MortgageLandlords and Tenants

The report on the title of a property from the public records or an abstract of the title.
Real Estate and Mortgage

Works for an office that does not take listings of any kind and represents only buyers.
Real Estate and Mortgage

A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.
Real Estate and Mortgage