Glossary of Real Estate Terms (es-ex)

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

Escrow

• 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 to cover property taxes and insurance.

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.

Escrow analysis

• 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 closing

• Escrow closes when all conditions of a real estate transaction are met and the title of the property is transferred to the buyer.

Escrow company

• 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.

Escrow payment

• Funds that a mortgage servicer withdraws from a borrower's escrow account to pay property taxes and insurance.

Estate

• The total assets of a person, including real property, at the time of death.

Eviction

• A legal procedure to remove a tenant for reasons including failure to pay rent.

Examination of title

• An inspection by a title company of public records and other documents to determine the chain of ownership of a property.

Excavation

• The process of clearing trees, removing topsoil and grading land before the foundation is laid.

Exclusive listing

• A contract that gives an agent the exclusive right to market a property for a specific period of time.

Executor

• A person appointed to carry out the instructions in a will. If there is no will, a probate court will appoint an executor.

Exhaust fan

• Ventilating devices that remove water vapor, undesired smells or smoke.

Experian

• 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.