Equity refers to the difference between the current market value of a property and the outstanding mortgage balance or other debts secured against it. In simpler terms, it is the portion of a …
Errors And Omissions Insurance
Errors and Omissions Insurance is a type of professional liability insurance that protects businesses and their employees against claims of inadequate work or negligent actions.Related Real Estate …
Escheat
A situation in which the ownership of property reverts to the state when the owner dies without leaving a will. …
Escrow
A neutral third party holds documents and money for a real estate transaction and ensures that all conditions of a sale are met. Also refers to a special account that a lender uses to hold a …
Escrow Account
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. …
Escrow Agent
A neutral third party who ensures that all conditions of a real estate transaction are met. …