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A deposit in the form of cash or a note given to a seller by a buyer as good faith assurance that the buyer intends to go through with the purchase of a property.
- Browse Related Terms: acceptance, affidavit, Asking Price, Assumable Mortgage, Assumption Clause, Assumption Fee, Assumption of mortgage, Bona fide, Creative financing, Disclosures, Earnest Money, Fair market value, HUD-1 Settlement Statement, non-assumption clause, Offer, Owner Financing, prorate, Rescission, Sale-Leaseback, Seller Take-Back
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Money put down by a potential buyer to show that they are serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal. During the contingency period the money may be returned to the buyer if the contingencies are not met to the buyer's satisfaction.
The deposit to show that you're committed to buying the home. The deposit will not be refunded to you after the seller accepts your offer, unless one of the sales contract contingencies is not fulfilled.
- Browse Related Terms: As-is Condition, Back to Back Escrow, Concession, Contingency, Counter Offer, Deposit (Earnest Money), derivative, Earnest Money Deposit, escape clause, Homeowner's Warranty (HOW), Purchase and Sale Agreement, Purchase Offer, Ratified Sales Contract, Rehabilitation, Right of First Refusal, walk-through, Walkthrough
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A corporation's profit that is divided among each share of common stock. It is determined by taking the net earnings divided by the number of outstanding common stocks held. This is a way that a company reports profitability.
- Browse Related Terms: Common Stock, Cooperative, Cooperative (co-op), Earnings per share (EPS), Homeowners' Association, Preferred Stock, Return On Average Common Equity, Securities, transfer agent
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The right one party has in regard to the property of another, such as the right of a public utility company to lay lines.
A right to the use of, or access to, land owned by another.
- Browse Related Terms: Arbitration, Architect, co-mortgagor, covenants, Day, Easement, Easements, Encroachments, Engineer, Forfeiture, Notice of Default, Planned Unit Development (PUD), Power of attorney, Property (Fixture and Non-Fixture), Survey, tenancy
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The legal rights that give someone other than the owner access to use property for a specific purpose. Easements may affect property values and are sometimes a part of the deed.
- Browse Related Terms: Arbitration, Architect, co-mortgagor, covenants, Day, Easement, Easements, Encroachments, Engineer, Forfeiture, Notice of Default, Planned Unit Development (PUD), Power of attorney, Property (Fixture and Non-Fixture), Survey, tenancy
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The overhanging edge of a roof.
- Browse Related Terms: Balustrade, Bay Window, Clapboard Wood, Cornice, Cresting, Cupola, Eave, Finial, Parapet, Portico, Shingle, Terra cotta
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An area defined by local authorities for govemment-assisted economic programs.
- Browse Related Terms: Community development area, Community land trust, Department of Housing and Urban Development (HUD), Economic development area, Employer-Assisted Housing, HELP, Housing and Urban Development (HUD), Housing Counseling Agency, RHCDS, Rural Housing and Community Development Service, Rural Housing Service (RHS), Rural Housing Service/Rural Development, Small Business Administration (SBA)
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Ecotox Thresholds (ET) are defined as media-specific contaminant concentrations above which there is sufficient concern regarding adverse ecological effects to warrant further site investigation. ETs are designed to provide Superfund site managers with a tool to efficiently identify contaminants that may pose a threat to ecological receptors and focus further site activities on those contaminants and the media in which they are found.
- Browse Related Terms: Agency for Toxic Substances and Disease Registry (ATSDR), Community Advisory Groups (CAG), Data Element Dictionary (DED), Ecotox Thresholds (ET), Frequently Asked Questions (FAQ), Frequently Asked Questions About Contaminants Found at Hazardous Waste Sites (ToxFAQs), Integrated Exposure Uptake Biokinetic Model (IEUBK), Operations and Maintenance (O&M), Superfund Enhanced State and Tribal Role Initiative (STROLE), Superfund Job Training Initiative (SUPERJTI), Technical Assistance to Brownfields Communities (TAB), Technical Review Workgroup for Lead (TRW)
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Energy Efficient Mortgage; an FHA program that helps homebuyers save money on utility bills by enabling them to finance the cost of adding energy efficiency features to a new or existing home as part of the home purchase
- Browse Related Terms: 203(k), EEM, FHA mortgage loan, Home Equity Conversion Mortgage (HECM), Purchase Money Mortgage, Rehabilitation Mortgage
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An ornamental band molding of egg forms alternating with dart forms.
- Browse Related Terms: Baluster, Egg and dart, Festoon, Jigsaw Carving, Newel, Relief, Rosette, Swag
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A drawing of a face of a building with all the features shown, as if in a single vertical plane
- Browse Related Terms: Block Plan, Building Plan, Building Streetwall, Elevation, Floor Plan, Oblique, Roof Plan, Section Drawing, Sight line drawing, Site Plan
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The Emergency Planning and Community Right-to-Know Act (EPCRA), also known as SARA Title III, was enacted in November 1986. This law provides an infrastructure at the state and local levels to plan for chemical emergencies. Facilities that store, use, or release certain chemicals, may be subject to various reporting requirements. Reported information is then made publicly available so that interested parties may become informed about potentially dangerous chemicals in their community.
- Browse Related Terms: Agency for Toxic Substances and Disease Registry's Hazardous Substance Release/Health Effects Database (ATSDR-HazDat), Chemical Emergency Preparedness and Prevention Office (CEPPO), Emergency Planning and Community Right-to-Know Act (EPCRA), Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA), Office of Air and Radiation (OAR), Office of Pollution Prevention and Toxics (OPPT), Office of Prevention, Pesticides and Toxic Substances (OPPTS), Office of Science Coordination and Policy (OSCP), Risk Management Plans (RMP), Toxic Release Inventory (TRI), Toxic Substances Control Act (TSCA)
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The U.S. EPA's Emergency Response (ER) Program coordinates and implements a wide range of activities to ensure that adequate and timely response measures are taken in communities affected by hazardous substances and oil releases where state and local first responder capabilities have been exceeded or where additional support is needed.
- Browse Related Terms: Clean Air Act (CAA), Clean Water Act (CWA), Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), Emergency Response (ER), Emergency Response Notification System (ERNS), Environmental Response Team (ERT), National Contingency Plan (NCP), Oil Pollution Act (OPA), Potentially Responsible Parties (PRP), Spill Prevention, Control and Countermeasures (SPCC), Underground Storage Tank (UST)
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The Emergency Response Notification System (ERNS) is a database used to store information on notifications of oil discharges and hazardous substances releases.
- Browse Related Terms: Clean Air Act (CAA), Clean Water Act (CWA), Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), Emergency Response (ER), Emergency Response Notification System (ERNS), Environmental Response Team (ERT), National Contingency Plan (NCP), Oil Pollution Act (OPA), Potentially Responsible Parties (PRP), Spill Prevention, Control and Countermeasures (SPCC), Underground Storage Tank (UST)
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When a government takes private property for public use. The owner receives payment for its fair market value. The property can then proceed to condemnation proceedings.
- Browse Related Terms: Change Orders, cloud, Co-Borrower, Cooperative (Co-op) Project, Deed-in-Lieu of Foreclosure, Eminent Domain, fee simple, Foreclosure, Joint Tenancy (with Rights of Survivorship), Liability insurance, Owner's Policy, Pre-Foreclosure sale, tax deed, Title Defect, Title Insurance, Transfer Tax, Warranty deed
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A program in which companies assist their employees in purchasing homes by providing assistance with the down payment, closing costs, or monthly payments.
- Browse Related Terms: Community development area, Community land trust, Department of Housing and Urban Development (HUD), Economic development area, Employer-Assisted Housing, HELP, Housing and Urban Development (HUD), Housing Counseling Agency, RHCDS, Rural Housing and Community Development Service, Rural Housing Service (RHS), Rural Housing Service/Rural Development, Small Business Administration (SBA)
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The intrusion onto another's property without right or permission.
- Browse Related Terms: Appraised Value, Appreciation, Cloud On The Title, Comparables, Comparative Market Analysis (COMPS), Depreciation, Encroachment, Eviction, Fire insurance, Grantee, Grantor, income approach to value, Loan-to-value ratio (LTV), Real Estate, Real estate tax, Secured Loan, security, Single-Family Properties, Soft Second Loan, Termite Inspection
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A structure that extends over the legal property line on to another individual's property. The property surveyor will note any encroachment on the lot survey done before property transfer. The person who owns the structure will be asked to remove it to prevent future problems.
- Browse Related Terms: Arbitration, Architect, co-mortgagor, covenants, Day, Easement, Easements, Encroachments, Engineer, Forfeiture, Notice of Default, Planned Unit Development (PUD), Power of attorney, Property (Fixture and Non-Fixture), Survey, tenancy
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Any claim on a property, such as a lien, mortgage or easement.
Anything that affects title to a property, such as loans, leases, easements, or restrictions.
- Browse Related Terms: certificate of title, Clear Title, Encumbrance, equity, First Mortgage, Free and clear, Ground Rent, judgment, Judgment Lien, Land rent, Lien, Lien Waiver, mortgage, Subordinate Financing, Title 1, Title Search
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Same or similar to "construction loan." See also "construction loan."
- Browse Related Terms: All-inclusive deed of trust, End loan, Interim loan, Junior mortgage, Permanent mortgage, Piggyback loan, second mortgage, Third mortgage, Underlying mortgage, Wraparound mortgage