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glossary - E
Earnest Money
It’s the money given by a buyer to a seller as part
of the purchase price to join a transaction or guarantee the
payment. It’s a deposit that is usually not refundable,
that a buyer puts down to prove that they are serious about
buying something. For Example: A property such a house, etc…
Easement
A right-of-way approved to a person or company authorizing
admittance to or over the owner's land. It’s the restricted
rights to use a property owned by another person. Example:
A right of way across the property.
Effective Age
It’s an appraiser’s estimate to the physical situation
of a building in years. The concrete age of a building may
be shorter or longer than its effective age.
Equity
The dissimilarity between the fair market value and current
indebtedness also referred to as the owner's interest is known
as equity. It’s the Ownership interest in a company
in the form of common stock or preferred stock. It also refers
to total assets minus total legal responsibilities, in which
case it is also referred to as shareholder's equity or net
value or book value. In real estate, it is the difference
between what a property is worth and what the proprietor owes
against that property
Escrow
An escrow is defined as a deposit of funds, a deed or other
instrument by one party for the delivery to another party
upon completion of a particular condition or event. The escrow
holder has the responsibility to safeguard the funds or documents
while they are in the possession of the holder, and to spend
funds or convey title only when all provisions of the escrow
have been complied with. The selection of the escrow holder
is usually done by agreement between the principals.
Endorser
A person who signs ownership interest to a new party.
Endorsement
A signature used to officially convey a negotiable device.
Estate
All assets owned by a person at death, that is to be disseminated
according to the individual's will (or a court decision if
there is no will). It’s the degree of ownership.
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