A right given to a third party to use a portion of the property for certain purposes, such as power lines or water mains.
Additional income that a lender considers when assessing the loan application of a potential borrower.
A panel that transfers power from the utility line into a house to be distributed through fuses or circuit breakers.
The exterior view of a home design that shows the position of the house relative to the grade of the land.
The government's right to condemn private land for public use, such as the routing of a public highway.
The conversion from a construction loan to permanent financing a condominium buyer secures after all units in a project have been completed.
A government-mandated evaluation of all aspects and effects a development will have on the environment of a proposed site.
A federal law that prohibits a lender or other creditor from refusing to grant credit based on the applicant's sex, marital status, race, religion, national origin or age. The law also prohibits a creditor from refusing to grant credit because the applica
Equifax Credit Information Services, Inc., is one of the "Big Three" credit-reporting bureaus that operate nationwide. Address: P.O. Box 740249, Atlanta, GA 30374.
A neutral third party holds the documents and money involved in a real estate transaction and ensures that all conditions of a sale are met.. Escrow also refers to a special account that a lender establishes to hold monthly installments from the borrower
An account that a lender or mortgage servicer establishes to hold funds for the payment of expenses such as homeowners insurance and property taxes. Also known as an impound account.
A lender's periodic examination of an escrow account to determine if the lender is withholding enough funds from a borrower's monthly mortgage payment to pay for expenses such as property taxes and insurance.
Escrow closes when all conditions of a real estate transaction are met and the title of the property is transferred to the buyer.
Firms that act as neutral third parties to ensure that all conditions that the buyer, seller and lender establish in a real estate transaction are met.
Funds that a mortgage servicer withdraws from a borrower's escrow account to pay property taxes and insurance.
An inspection by a title company of public records and other documents to determine the chain of ownership of a property.
A contract that gives an agent the exclusive right to market a property for a specific period of time.
A person appointed to carry out the instructions in a will. If there is no will, a probate court will appoint an executor.
Experian, formerly known as TRW Information Systems & Services, is one of the "Big Three" credit-reporting bureaus.. Address: 505 City Parkway West, Orange, CA 92868.