Dictionary

Equitable Title

Definition:    The beneficial interest in real estate that implies an individual will receive legal title at a future date. Pronunciation:  \ˈe-kwə-tə-bəl\ Used in a Sentence:

Environmental Impact Statement (eis)

Definition:   A document that details the effect proposed development will have on the surroundings. Pronunciation:   \in- vī-rə(n)-ˈmen-təl\ \im-ˈpakt\ \ˈstāt-mənt\ Used in a Sentence:   The environmental impact statement showed that there would be...

Entitlement

Definition:  In a VA-guaranteed loan the maximum amount the government guarantees the lender will be paid in the event the borrower defaults. Pronunciation:  \en-ˈtī-təl-mənt\ Used in a Sentence:  The certificate of...

Enforceable Contract

Definition: a legally binding contract that is recognized by the law. Pronunciation:  \in-ˈfȯr-sə-bəl\ \ˈkän-ˌtrakt\ Used in a Sentence:   We had an enforceable contract with the buyer for the purchase of our property....

Encumbrance Clause

Definition:   A provision in a deed that guarantees there are no encumbrances against the property except those specifically disclosed. Pronunciation: \in-ˈkəm-brən(t)s\ \ˈklȯz\ Used in a Sentence:   The encumbrance clause stated the there...

Encumbrance

Definition:   Any lien, claim, or liability attached to or binding on real property that may lessen the value or affect the transfer of title. Pronunciation:  \in-ˈkəm-brən(t)s\ Used in a Sentence:   The...