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 Mortage Definitions

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Mortgage Definitions


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Mortgage Terms (E)

Encumbrance: An encumbrance is any liability, lien, charge, or claim that is placed on real estate by businesses, individuals, tax collecting organizations or other persons that bind the property and possibly affect the sale or transfer at a later date.

Entitlement: The dollar amount of loan guarantee that the Veteran's Administration (VA) provides for eligible veterans who served in the armed forces during times when the country was involved in certain wars. The entitlement gives veterans the opportunity to buy homes with no money down.

Equity: The difference between what is owed on a property, loans, liens, and other liabilities, and the property's real value.

Escrow: An escrow is an agreement between two or more parties to establish the use of a neutral third party to gather necessary documents and other instruments for safekeeping in the case of a property transfer.

Escrow Instructions: Documents drawn up to establish how a transaction is to be carried out. Escrow instructions are signed by all parties to the transaction and gives the escrow agent the ability to carry out the procedures necessary to facilitate the sale of property, business ventures, and other transfers.

Escrow Officer: The company or individual assigned to handle the facilitation of a particular escrow, including preparing escrow instructions, collecting necessary documents, making sure that all matters that have been agreed to by the parties are fulfilled, closing the escrow, disbursing funds, and getting closing statements to those involved in the transaction.

Estate: The interest that is held by individuals, or parties, as to the nature, degree, rights, and extent of ownership, of property, money, or other assets of value.

Estate Tax: A tax charged against the estate of a deceased individual based on the overall value.

Exchange: In real estate terms, an exchange of real property is facilitated in order to qualify for certain tax advantages over a sale.

Exclusive Agency Listing: An exclusive agency listing agreement is a contract to sell property that protects a listing broker's commission against the sale of the property by another broker if the property is sold within the prescribed period of time set forth in the agreement, whether or not the listing broker is the cause of the sale. But the broker is not entitled to a commission if the owner sells the property.

Exclusive Right To Sell: A contract between a broker and a property owner to sell property within a certain time frame, whereby the owner agrees to pay a commission, even if a buyer is procured by the seller.

Executor (male) Or Executrix (female): An individual who is assigned to carry out the terms of a will.

Exemption: An exemption excludes money from taxation based on adjusted gross income for the income tax filer, his or her spouse, and any dependents.

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