on a Letter to lookup a Real Estate Legal Term
A deposit made by the prospective home buyer as evidence of good faith in that he or she is serious about
buying the house.
A right of way giving persons other than the owner access to or over a property for a specific use.
An appraiser's estimate of the age (in number of years) that is indicated from the condition of the property
rather than from its actual chronological age.
Effective Gross Income
The gross income of a property less an allowance for vacancy and outstanding debts.
The gross income of a property
less an allowance for vacancy but before any deductions for operating expenses have been taken.
The right of a government to take private property for necessary public use upon payment of its fair market
value. This right is found in the 5th Amendment to the Constitution.
A housing initiative that offers several different ways for employers to work with local lenders to develop
plans to assist their employees in relocating and purchasing homes.
An unlawful intrusion onto adjacent property of another by improvements to real estate that intrudes on
another's property, such as fence, patio, etc...
Anything that affects or limits the title to a property, such as a lien, mortgage, or other financial
claim against a property.
1. The act of signing one's name.
2. In insurance, an addition to or modification of an insurance policy which expands or changes coverage
of the policy.
An Elizabethton, Tudor or other English style home featuring large stones, slate shingles on gabled roofs,
mullioned windows and wainscoted paneled interiors.
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, sex, age, marital status, or receipt of income from public
A homeowner's financial interest or value in a property. It is the difference between the fair market
value of the property and the amount still owed on its mortgage and any other liens against it.
An arrangement for the deposit and/or handling of funds with a neutral third party to be delivered upon
the fulfillment of a condition. For example, the deposit of funds by a borrower with the lender to pay
taxes and insurance premiums when they become due. , or the deposit of funds or documents with an attorney
or escrow agent to be disbursed upon the closing of a sale of real estate.
The account in which a Mortgagor holds the borrower's escrow payments prior to paying property expenses
such as taxes and insurance. See Trust Account.
The neutral third party who is holding something of value such as funds from a grantee or a deed from
a grantor in trust for another until all of the conditions of the contract have been met.
1. The ownership interest of an individual in real property.
2. The total sum of all the real property and personal property owned by an individual at the time of
1. (n.) A calculated approximation of value of a property.
2. (v.) To determine a value.
The lawful act of dispossessing or depriving a person of the possession of land as a result of the judgment
of a court.
Examination of Title
The report on the title of a property from the public records or an abstract of the title.
A listing agreement where a seller hires one broker to the exclusion of all others and agrees to pay that
broker a fee if a buyer is secured through a broker under the terms of the contract but not pay a fee
if a sale is negotiated directly by the owner without the services of a broker.
A contract that gives a licensed real estate agent the exclusive right to sell a property for a specified
time, but reserves the owner's right to sell the property directly without paying a commission.
Right to Sell listing
A listing agreement where a seller employs a broker and agrees to pay a commission if a buyer is secured
under the terms of the agreement and if it is sold by anyone including the owner during the term of the
agreement. It also authorizes the broker to act as an exclusive agent for the seller in an agency relationship
for the entire transaction process.
A person named in a will and affirmed by the probate court who has agreed to carry out its provisions
as to the disposition of the deceased person's estate. The court will appoint an administrator if no executor
is named. "Executrix" is
the feminine form.
The definitions of Real Estate
Definitions found on 10Realty.com are for general information only. All information is subject to change
and should be independently verified. 10Realty.com makes no representations or warranties of any nature
with regard to the information found on the pages therein. 10Realty.com assumes no responsibility for
any liabilities or losses claimed or incurred as a result of using this information. (Real Estate Terms,
Investment Terms, Banking Terms explained, definitions, legal definitions, legal terms and definitions)