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Mobile Home Finance Dictionary > E
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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here. |
Looking for a specific term? Our mobile home dictionary is organized by letter.
Earnest Money: Funds that are included with an offer to purchase a manufactured home and to show good faith in following through with the transaction.
Easement: A right, privilege or interest limited to a specific use or control purpose which one party has in the land of another party and which run with the land and are not a personal right of an individual.
Effective gross income: The gross income of a property less an allowance for vacancy and bad debts.
Eminent domain: The right of the government to acquire property for necessary public use with just compensation the right of which is found in the 5th Amendment to the Constitution.
Encroachment: An unlawful intrusion onto adjacent property of another by improvements to real property such as a patio built across a property line which reduces the value of the property intruded upon.
Encumbrance: Anything which affects or limits the fee simple title to or value of property such as a mortgage or an easement.
Equal Credit Opportunity Act (ECOA): A federal law that requires all lenders and other creditors to make credit equally available to a potential borrower without discrimination based on race, color, national origin, age, sex, marital status or receipt of income from public assistance programs.
Equitable mortgage: A legal document that encumbers property but is not technically a mortgage because of the existent some legal error. Example: Although there was an error in the property's description that was attached to the documents, the parties in the transaction to be a mortgage loan, and the judge enforced equitable mortgage as if it were a mortgage loan on the property.
Equity: The interest or value which an owner has in real property over and above any liens against it.
Equity Loan: A loan based on the borrower's equity in the home.
Escrow: An arrangement for the deposit of instruments and/or the handling of funds with instructions with a neutral third party to carry out the provisions of the agreement or contract when the specified conditions have been met.
Escrow Account: A special account set up by the lender to collect and hold monthly payments toward annual property taxes and homeowner's insurance. This is also called an "impound account."
Estate: In real estate, the degree, quantity, nature and duration of interest, share, right, equity of which riches or fortune may consist and which a person holds in real property.
Executor: A man named in a will and affirmed by the probate court who has agreed in accordance with the will to carry out its provisions as to the disposition of the deceased person's estate. See executrix, a woman so appointed. See testator, one who makes the will.
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