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Nicolas Romo |
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(714)
231-3772 |
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Lic.
# 01787685 |
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Hablo Español |
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Earnest
Money Deposit
A financial deposit submitted by a prospective home
buyer to demonstrate that he or she is serious about
buying a piece property.
Easement
When permission is given to other persons, other
than the owner, to be able to access a property. An
example would be a city utility worker accessing the
gas or water meter on the property.
Effective Age
An appraiser's estimate of the physical condition of
a property/structure/home. The real age of a
property/structure/home may be shorter or longer
than its effective age.
Eminent Domain
When the government has the right to acquire private
property for public purposes, such as building a
school, city office buildings, etc. but only after
having paid fair market value.
Encroachment
An improvement that intrudes illegally on another
person’s property.
Encumbrance
Any restriction in a properties use, such as an
easement, mortgage, lease or any lien against it,
which affects the fee simple title to a property; a
right or interest in a property possessed by someone
who is not the legal owner.
Equal Credit Opportunity Act (ECOA)
In the financial industry, the act prohibiting
discrimination based on age, race, and sex.
Equity
The difference between the principal balance of all
unpaid loans and the current market value of a home.
Say, for example, you buy a home for 100k with 100%
financing, and the property increases in value by
50k in one year. In this case, you are said to have
50k in equity.
Escalator Clause
In a mortgage/loan, the clause that provides for
increases in payments or interest based on
pre-arranged schedules or on a specific economic
index, such as the consumer price index (CPI).
Escrow
In a real estate transaction, a third-party
representative that holds, receives, and/or
distributes certain funds or documents upon the
performance of certain conditions. For example, an
earnest money deposit is put into escrow until the
real estate transaction is closed (normally when
recording takes place); the seller can receive the
deposit only at this time.
Escrow Account (Impound Account)
Once a real estate purchase transaction is closed,
this is an account that a buyer can hold with a bank
that requires him or her to pay more than the
principal and interest every month. The additional
money is put into escrow and is used to pay for
things such as property taxes and homeowner's
insurance by the lender, eliminating the actual
number of payments that the homeowner has to make
each month, but not the total amount that actually
has to be paid.
Escrow Analysis
Once each year, banks review accounts to ensure that
the correct amount of money is being collected from
borrowers to cover anticipated expenses.
Escrow Disbursements
Using escrow monies to pay for hazard insurance,
real estate taxes, mortgage insurance, and other
property expenses as they become due.
Escrow Fee
These fees cover the preparation and processing of
all home purchased-related paperwork and funds.
Escrow fees range from a few hundred to over a
thousand dollars, based on the purchase price of the
property. Not all states require funds to be placed
into escrow accounts for closing.
Estate
The ownership interest a person possesses in real
property; it is also the grand total of all real
property and personal property owned by a person
when he or she dies.
Eviction
Lawfully removing occupants/tenants from real
property after they have carried out unlawful
actions, such as failure to pay the monthly rent,
violated any terms of the rental agreement, or
violated any criminal law at the property.
Examination of Title
The report or abstract on the title of a property
from the public records.
Exclusive Listing
A written contract that gives a licensed real estate
agent the exclusive right to sell a property for a
certain period of time.
Executor
In a will, the person named to administer an estate.
When no administrator is named, the court will
appoint one. Feminine form: Executrix |
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