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Real Estate Glossary

 

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Earnest MoneyThe deposit money given to the seller or his agent by the potential buyer upon the signing of the agreement of sale to show that he is serious about buying the house. If the sale goes through, the earnest money is applied against the down payment. If the sale does not go through, the earnest money will be forfeited or lost unless the binder or offer to purchase expressly provides that it is refundable.


Easement RightsA right-of-UTy granted to a person or company authorizing access to or over the owner's land. An electric company obtaining a right-of-UTy across private property is a common example.


EncroachmentAn obstruction, building, or part of a building that intrudes beyond a legal boundary onto neighboring private or public land, or a building extending beyond the building line.


EncumbranceA legal right or interest in land that affects a good or clear title, and diminishes the land's value. It can take numerous forms, such as zoning ordinances, easement rights, claims, mortgages, liens, charges, a pending legal action, unpaid taxes, or restrictive covenants. An encumbrance doesn’t legally prevent transfer of the property to another. A title search is all that is usually done to reveal the existence of such encumbrances, and it is up to the buyer to determine whether he wants to purchase with the encumbrance, or what can be done to remove it.


EquityThe value of a homeowner's unencumbered interest in real estate. Equity is computed by subtracting from the property's fair market value the total of the unpaid mortgage balance and any outstanding liens or other debts against the property. A homeowner's equity increases as he pays off his mortgage or as the property appreciates in value. When the mortgage and all other debts against the property are paid in full the homeowner has 100% equity in his property.


Earnest MoneyA buyer's partial payment to the seller as a show of good faith in completing the transaction.


EquityThe difference between the current market value of a property and the claims--such as the unpaid portion of a mortgage--that exist against it.


EscrowFunds paid by one party to another (the escrow agent) to hold until the occurrence of a specified event, after which the funds are released to a designated individual. In FHA mortgage transactions an escrow account usually refers to the funds a mortgagor pays the lender at the time of the periodic mortgage payments. The money is held in a trust fund, provided by the lender for the buyer. Such funds should be adequate to cover yearly-anticipated expenditures for mortgage insurance premiums, taxes, hazard insurance premiums, and special assessments.


Exclusive ListingA written agreement in which the seller appoints only one agent to market the property for a specific period of time. If the owner sells the property himself, he is not required to pay a commission.

 
Exclusive Right of Sale ListingA written agreement between an agent and a property owner stating that the owner will pay a commission to the agent if the property is sold during a specific time period--whether or not the agent is responsible for the sale.
 

 

 

 

 

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 Barry J. Preusz
REALTOR, Residential Specialist

1218 East 7800 South
Salt Lake City, Utah 84094

Office: 801-993-0083


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Utah Real Estate Terms | Glossary of Real Estate Terms | Realty Terms for Utah | Property Terms | Utah Glossary of Terms | Salt Lake City, Utah

Utah Real Estate Terms. Definitions for common terms used in Utah real estate transactions. Glossary of real estate and property terms used in Salt Lake City, Provo, Park City, Utah.

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