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 able to halt the foreclosure sale on our building by exercising our equity of redempt..
Category : E
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..
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 takes the property through escheat when there is no will or fo..
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 escrow amount of our monthly mortgage payment came to $124.00 e..
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 downpayment was held in an escrow account until th..
Definition: A course of action for determining the disposition of a contested deposit. Pronunciation: \ˈes-ˌkrō, es-ˈ\ \ˈdis-ˈbərs-mənt\ Used in a Sentence: The broker requested the Commission issue an escrow disbursement order to determine who was entitled to the dispu..
Definition: The degree, quality, nature, and extent of one’s interest in land or other property. Pronunciation: \i-ˈstāt\ Used in a Sentence: He inherited the estate from hi..
Definition: A tenancy created by a husband and wife jointly owning real property with an automatic and complete right of survivorship. Pronunciation: \i-ˈstāt\ \in-ˈtī-rə-tēz\ Used in a Sentence: Once John and Mary were married their property became an estate by the e..
Definition: A tenancy that is measured from a starting date to a termination date (this could be just a few days or for longer than any natural life) Pronunciation: \i-ˈstāt\ Used in a Sentence: Because there was a specific start and end date on our lease it was classified as an estate ..
Definition: An estate that reverts back to the original grantor. Pronunciation: \i-ˈstāt\ \ri-ˈvər-zhən, -shən\ Used in a Sentence: An estate in reversion was created when Mary died and the property returned t..