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A deposit made of a portion of the purchase
price by the buyer to demonstrate his or her serious intent to purchase the
property, usually accompanied by an agreement outlining the terms and
conditions of the sale
Easement
The permanent or temporary right to use the
property of another for a specific purpose -- e.g. for access over the
property, putting up utility lines, etc.
Egress
The right to leave or exit over a piece of
property
Eminent domain
The right of the government to take over private
property for public purposes upon payment of its fair market
value
Encroachment
A physical, illegal intrusion onto another's
adjoining property; examples are a structure, driveway, fence
Encumbrance
Any claim against the fee simple title to a
property, such as a lien, mortgage, or easement
Equal 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, age, sex, marital status, or receipt of
income from public assistance programs
Equity
The owner's financial interest in a property,
over and above any indebtedness for that property; or the difference between
the fair market value of the property, and the amount still owed on its
mortgage
Equity Sharing
A form of joint ownership between an
owner/occupant and an owner/investor, whereby the owner/investor receives
depreciation deductions as his portion of interest in the property, and the
owner/occupant receives some of the tax write-offs for interest and taxes, as
well as part of his monthly payment being applied against his rent. If the
property were sold, the co-owners would also divide the profit
Escheat
Property that reverts to state ownership when an
individual dies without a will and without heirs
Escrow
A deed, contract, or something of value
deposited with a disinterested third party, to be delivered upon the
performance of certain conditions by the parties involved; e.g., an attorney or
escrow agent taking custody of funds and documents upon the closing of a sale
of real estate
Escrow account
An account established by an escrow agent to
hold funds for the agent's principal until the consummation of the
transaction
Escrow instructions
A document that outlines the duties of the
escrow agent and the obligations of the parties involved in an escrow
transaction
Escrow payment; also "impounds" or "reserves"
in some states
The portion of a mortgagor's monthly payment
that is retained by the escrow agent to cover the costs of taxes, hazard or
mortgage insurance, lease payments, and other costs incurred in the course of
the transaction
Estate
An individual's possessions and property,
relevant particularly at the time of death
Eviction
The legally directed removal of an occupant from
real property
Exclusive listing, or Exclusive agency
listing, or Exclusive right-to-sell listing
A written contract giving a licensed real estate
broker the exclusive right to sell a property for a designated period of time,
on terms stated by the owner, for a fee, while also reserving the owner's right
to sell the property himself, without paying anyone a
commission
Executor
A person named in a will, or in the absence of
such designation, appointed by the probate court, to administer an estate and
carry out its terms
Extended Mortgage
A mortgage in which the due date of payment is
extended, and is usually charged at a higher interest rate than the original
mortgage
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Toni Tygart Toni Tygart Real Estate Group, Inc. 4243 NE Lakewood Way Lee's Summit, MO 64064 816-795-2500 Fax: 816-795-5005 e-mail: tonitygart@tonitygart.com
Toni Tygart has over 30 years of Real Estate experience. Many of those years, Toni has been the number one RE/MAX Agent in the Mid-States Region as well as in the International top 100 for RE/MAX. Toni has been honored with the RE/MAX Hall of Fame and Lifetime Achievement awards. Toni Tygart has helped over 4,200 families move! So for all your real estate needs, contact Toni today!
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