Career Resource Center Archive
Wednesday, December 12th, 2007
Special bank account into which escrow monies are deposited and from which they are disbursed. Lawyers and real estate brokers maintain escrow accounts to hold money in trust for others.
Wednesday, December 12th, 2007
Money or documents held by a third party until specific conditions of an agreement or contract are fulfilled.
Wednesday, December 12th, 2007
Reversion of property to the state when the owner dies without leaving a will and has no heirs to whom the property may pass.
Wednesday, December 12th, 2007
Term used to refer to the increase of one's equity in a property due to mortgage balance reduction and price appreciation.
Wednesday, December 12th, 2007
Value an owner has in a piece of property less the debt against it. For example, if the market value of a house is $150,000 and the owner has paid off $10,000 of a $75,000 mortgage, the owner has $85,000 equity.
Wednesday, December 12th, 2007
Any impediment to a clear title. It can be a claim, lien, zoning restriction, or other legal right or interest in land that diminishes its value. The report of the title search usually shows all encumbrances.
Wednesday, December 12th, 2007
A building or other improvement that extends beyond its boundary and intrudes upon the property of another.
Wednesday, December 12th, 2007
The right or power of government to acquire private property for public use without the consent of the owner, provided fair compensation is provided.
Wednesday, December 12th, 2007
Limited right to cross or use for some specified purpose the property of another. It may be permanent or temporary. Water, sewage, and utility suppliers frequently hold an easement across private property.
Wednesday, December 12th, 2007
Money that accompanies an offer to purchase as evidence of good faith. It is almost always a personal check, certified check, or money order rather than cash
