Dictionary

Escrow Account

Definition:   An account for the deposit of earnest money a disinterested third party (ex. a broker) holds in trust for others; trust funds. Pronunciation: \ˈes-ˌkrō, es-ˈ\ \ə-ˈkau̇nt\ Used in a Sentence:  Our...

Escrow

Definition:   An impound account required by most lenders that require borrowers to pay in advance montly installments for property taxes and hazard insurance. Pronunciation: \ˈes-ˌkrō, es-ˈ\ Used in a Sentence:   The...

Escheat

Definition:  The reversion of property to the state when the owner dies without leaving a will or having any known heirs. Pronunciation:   \is-ˈchēt, ish-ˈchēt\ Used in a Sentence:   The government...

Erosion

Definition:  The gradual wearing away of land due to water or other natural causes. Pronunciation:    \i-ˈrō-zhən\ Used in a Sentence:   Landscapers planted grass to stop the erosion of the...

Equity Of Redemption

Definition:  The right of a mortgagor, before a foreclosure sale, to reclaim the property by paying the full debt plus interest and costs. Pronunciation:  \ˈe-kwə-tē\\ri-ˈdem(p)-shən\ Used in a Sentence:   We were...

Equity

Definition:  The interest or value remaining in property, after payment of all liens or other charges on the property. Pronunciation: \ˈe-kwə-tē\ Used in a Sentence:   Because of making a large down...