A deposit made by a potential home buyer to show serious
to buy the property.
A right of way giving people other than the owner access
to or through a property.
Percent Rule(or Co-Insurance Rule)
Requires your home to be insured for at least 80% of the full
replacement cost at the time it is damaged or destroyed, if you want to
collect the full replacement cost.
The right of a government body to take private property for public use
or the public good.
An improvement that illegally intrudes on
anotherâ€™s property boundaries.
Credit Opportunity Act (ECOA)
A federal law requiring 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.
The difference between the fair market value of the
property and the amount still owed on its mortgage and other liens.
Money or documents deposited with a third party to be delivered upon
the fulfillment of a specific condition by a specific date.Escrow
An account where the lender pays your taxes and insurance with your
money instead of you paying them yourself.
The use of escrow funds to pay real estate taxes, hazard insurance,
mortgage insurance, and other property expenses.
A report on the title of a property from the public records or an
abstract of the title.
A written contract giving a licensed real estate broker the exclusive
right to sell a property for a specified time.