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Earnest money |
A deposit made of a portion of the purchase
price by the buyer to demonstrate his or her serious intent to purchase the
property, usually accompanied by an agreement outlining the terms and
conditions of the sale |
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Easement |
The permanent or temporary right to use the
property of another for a specific purpose -- e.g. for access over the
property, putting up utility lines, etc. |
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Egress |
The right to leave or exit over a piece of
property |
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Eminent domain |
The right of the government to take over private
property for public purposes upon payment of its fair market
value |
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Encroachment |
A physical, illegal intrusion onto another's
adjoining property; examples are a structure, driveway, fence |
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Encumbrance |
Any claim against the fee simple title to a
property, such as a lien, mortgage, or easement |
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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 |
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Equity |
The owner's financial interest in a property,
over and above any indebtedness for that property; or the difference between
the fair market value of the property, and the amount still owed on its
mortgage |
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Equity Sharing |
A form of joint ownership between an
owner/occupant and an owner/investor, whereby the owner/investor receives
depreciation deductions as his portion of interest in the property, and the
owner/occupant receives some of the tax write-offs for interest and taxes, as
well as part of his monthly payment being applied against his rent. If the
property were sold, the co-owners would also divide the profit |
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Escheat |
Property that reverts to state ownership when an
individual dies without a will and without heirs |
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Escrow |
A deed, contract, or something of value
deposited with a disinterested third party, to be delivered upon the
performance of certain conditions by the parties involved; e.g., an attorney or
escrow agent taking custody of funds and documents upon the closing of a sale
of real estate |
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Escrow account |
An account established by an escrow agent to
hold funds for the agent's principal until the consummation of the
transaction |
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Escrow instructions |
A document that outlines the duties of the
escrow agent and the obligations of the parties involved in an escrow
transaction |
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Escrow payment; also "impounds" or "reserves"
in some states |
The portion of a mortgagor's monthly payment
that is retained by the escrow agent to cover the costs of taxes, hazard or
mortgage insurance, lease payments, and other costs incurred in the course of
the transaction |
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Estate |
An individual's possessions and property,
relevant particularly at the time of death |
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Eviction |
The legally directed removal of an occupant from
real property |
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Exclusive listing, or Exclusive agency
listing, or Exclusive right-to-sell listing |
A written contract giving a licensed real estate
broker the exclusive right to sell a property for a designated period of time,
on terms stated by the owner, for a fee, while also reserving the owner's right
to sell the property himself, without paying anyone a
commission |
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Executor |
A person named in a will, or in the absence of
such designation, appointed by the probate court, to administer an estate and
carry out its terms |
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Extended Mortgage |
A mortgage in which the due date of payment is
extended, and is usually charged at a higher interest rate than the original
mortgage |
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| Q |
What document must lenders provide within three days of receiving your application for financing?
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| A |
The "Truth In Lending Disclosure Statement" will give you complete financial information about the loan. |
 See More Real Estate Trivia > |
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Sherry (Zellars) Brower & Phil Brower
Realteam Real Estate Center
296 W Sunset Ave.
Coeur d'Alene, ID. 83815
Direct Line to Phil: 509-993-3644
Home office Phone: 509-892-1086
Fax: 509 279-0559
Sherry's cell : 208-661-0191
Email: phil@lakecityteam.com
Email: cdapeanut@yahoo.com
SHERRY is a 17 yr Realtor who is the administrator. She works behind the scenes. Phil IS ONLY ONE CALL OR E-MAIL AWAY FROM HELPING YOU FIND THE RIGHT PROPERTY!! WHETHER IT'S A SMALL COTTAGE, A BRAND NEW HOME, A LUXURY WATERFRONT ESTATE, 5 ACRES OF RAW LAND, OR A DUPLEX, he is constantly previewing all newly listed properties.
When you hire us (at no extra charge to you) we will give you our full attention starting with, LISTENING to your NEEDS & DESIRES, e-mailing you lots of PROPERTY PHOTOS to review privately, recommending experienced lenders with the BEST LOANS, suggesting favorite ACCOMODATIONS for your visit, showing you YOUR CHOICE of properties, negotiating for your BEST INTERESTS, recommending INSPECTORS who have a critical eye, TITLE Companies to expedite the paperwork, & recommending CONTRACTORS to make the property your own.
We specialize in helping you make your next move the best you've ever had!!
Representing a dedication to his profession, Phil is a candidate of the Certified Residential Specialist designation.
Phil would love to talk to you about your real estate needs and get you started toward owning property in North Idaho, so call him today!     
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