Glossary of terms used on this site
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| Term | Definition |
|---|---|
| Earnest Money |
The monetary advance by a buyer of part of the purchase price to indicate the intention and ability of the buyer to carry out the contract.
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| Easement |
A right, privilege or interest limited to a specific use or control purpose which one party has in the land of another party and which run with the land and are not a personal right of an individual.
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| Effective Rent |
The amount of rent paid after deductions for financial concessions such as no-rent periods during a lease term.
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| Eminent Domain |
The legal process whereby a government can take ownership of a piece of property in order to convert it to public use; often the property owner is paid fair-market value for the property.
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| Encumbrance |
A legal claim upon real property that diminishes the owner's equity or the land's value.
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| Equity |
The difference between the appraised value of a property and the balance of a first mortgage and any other outstanding liens on the property.
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| Escrow |
Money or property put into the custody of a third party for delivery to a grantee only after the fulfillment of the conditions specified.
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| Escrow Account |
An account held in the borrower’s name to pay obligations such as property taxes and insurance premiums.
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| Ethics |
An area of moral study concerned with acceptable standards of right and wrong behavior, fairness, justness and ideals which addresses in writing the duties that members of a profession owe to their clients, their associates and to the general public.
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| Exempt Property |
Property that can be retained by a person when they file for bankruptcy or if they have unsecured debt.
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