Escheat

The reversion of property to the state in the event that its owner dies without leaving a will and has no heirs to whom the property may pass by lawful descent.

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Erosion

The gradual wearing away of land by water, wind, and general weather conditions; the diminishing of property caused by the elements.

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Equity

Home equity is the part of your property you actually own. While you do “own” your home, your mortgage lender has interest in the property until it’s paid off. To calculate your home’s equity, subtract your outstanding loan balance from the current market value of your property. Home equity will increase as you pay down your […]

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Equitable title

The interest held by a vehicle under a contract for deed or an installment contract; the equitable right to obtain absolute ownership to property when legal title is held in another’s name.

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Equalization

The raising or lowering of assessed values for tax purposes in a particular county or taxing district to make them equal to assessments in other counties or districts. Equitable title

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Equal Credit Opportunity Act (ECOA)

Federal legislation requiring lenders to make credit equally available without discrimination based on race, sex, color, religion, marital status, age, national origin, or receipt of income from public assistance. The Equal Credit Opportunity Act (ECOA) was enacted on October 28, 1974 and rules it unlawful for creditors to discriminate against applications because of race, color, religion, national […]

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Endorsement

The act of writing one’s name, either with or without additional words, on a negotiable instrument or on a paper attached to such instrument.

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Encumbrance

Any lien that may diminish the value of the property, such as a mortgage, tax, or judgment lien; easement; restriction on the use of the land; or an outstanding dower right.

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Encroachment

(1) A fixture or structure, such as a wall or fence, that invades a portion of a property belonging to another. (2) Sellers often make updates to their properties before putting them on the market: adding a new garage, building an extension with a new bedroom, having an in-ground pool constructed, and so on. One thing […]

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