Property and real estate glossary
There are 150 entries in this glossary.All
| Term | Definition |
|---|---|
| EQUAL CREDIT OPPORTUINITY ACT (ECOA) |
U.S. federal law requiring that lenders afford people equal chance of getting credit without discrimination based on race, religion, age, sex etc |
| EQUITY |
The difference between the fair market value of a property and that amount an owner owes on any mortgages or loans secured by the property. |
| ESCROW |
An independent third party, such as First American Title, who acts as the agent for buyer and seller, or for borrower and lender, carrying out instructions of both and disbursing documents and funds. Escrow closes and the transfer of property or document is completed upon fulfillment of certain conditions specified in the written instructions, whereupon the necessary deeds and other instruments are recorded. |
| ESTATE |
(1) The interest or nature of the interest which one has in property, such as a life estate, the estate of a decreased, real estate, etc. (2) A large house with substantial grounds surrounding it, giving the connotation of belonging to a wealthy person. |
| EXECUTION |
An order directing a sheriff, constable, marshal or court-appointed commissioner to enforce a money judgment against the property of a debtor. This officer, if necessary, may sell the property to satisfy the judgment. |
| EXECUTOR |
A person appointed in a will and affirmed by the probate court to cause a distribution of the decedent's estate in accordance with the will. (The one who makes the will is called a "testator.") If a woman is appointed, she is referred to as the "executrix." |
| FEE SIMPLE |
An estate under which the owner is entitled to unrestricted powers to dispose of the property, and which can be left by will or inherited. Commonly, a synonym for ownership. |
| FILE AND USE |
In most states, title insurers file rate schedules, title insurance policies and endorsement forms with the State Insurance Department or other state agency and then may use such items or rates starting within a specified period of time after filing. Rates so filed usually are mandatory. |
| FIXED RATE MORTGAGE |
A mortgage having a rate of interest which remains the same for the life of the mortgage. |
| FORECLOSURE |
The sale of property used as security for a debt after default in payment. |
| FORFEITURE OF TITLE |
A common penalty for the violation of conditions or restrictions imposed by the seller upon the buyer in a deed or other proper document. For example, a deed may be granted upon the condition that if liquor is sold on the land, the title to the land will be forfeited (that is, lost) by the buyer (or some later owner) and will revert to the seller. |
| FULL DISCLOSURE |
In real estate, revealing all the known facts which may affect the decision of a buyer or tenant. A broker must disclose known defects in the property for sale or lease. |
| GOOD FAITH OR MORTGAGE SAVINGS clause |
A clause in CC & R's which provides that " a violation thereof shall not defeat or render invalid the lien of any mortgage or deed of trust made in good faith and for value." |
| GOOD FAITH PURCHASER OR MORTGAGEE |
A person who buys or lends in good faith, that is, without notice of any existing problem, where value is paid or lent. |
| GRANT |
A transfer of real estate, between individuals, by deed. A transfer of real estate from a sovereign is accomplished by patent or royal decree. |