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Law Office of William F. Scofield
William F. Scofield, LLC Attorney at Law
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Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z all
 
Earnest Money
Money put down by a potential buyer to show that he or she is serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal.
 
Easement
A right-of-way allowing access to, or over, a property for a specific purpose, such as for a power line, or a road for access to another property.
 
EEM
Energy Efficient Mortgage; an FHA program that helps homebuyers save money on utility bills by enabling them to finance the cost of adding energy efficiency features to a new or existing home as part of the home purchase
 
Eminent Domain
The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings.
 
Encroachment
An illegal intrusion on another property by a fence, structure, etc.
 
Encumbrance
Anything that affects or limits the title to a property, such as a lien or mortgage, easement, or a lease or other restriction.
 
Equal Credit Opportunity Act (ECOA)
A federal law that requires 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.
 
Equity
The difference between the fair market value of a property and any lien or mortgage. The net amount the owner would realize if the property were sold.
 
Escrow
Funds deposited with a third party to be delivered upon the fulfillment of a condition. A special account created to hold money for taxes and insurance, or to hold deposit money prior to closing.
 
Escrow Account
An account created for a specific purpose, such as to hold money for taxes and insurance, or to hold deposit money prior to closing.
 
Estate
The total of all the real property and personal property owned by an individual at time of an individualís death.
 
Eviction
A legal proceeding to expel an occupant from a property.
 
Examination of Title
An abstract of report on the title of a property, taken from public records.
 
These definitions are provided for informational purposes only. William Scofield, LLC shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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