Policies vary from lender to lender but a borrower is generally reported delinquent if a payment is more than 30 days late. A part of the purchase price, paid in cash, to cover the difference between the purchase price and the loan amount. Earnest Money A deposit made by the potential home buyer which restrains the seller from offering the property to another party for a specified period. Easement A right of way allowing access to or over a property for a specific purpose, such as for a power line, or a road for access to another property. The right of a government to take private property for public use upon payment of its fair market value.
Eminent domain is the basis for condemnation proceedings.
An illegal intrusion on another property by a fence, structure, etc. Encumbrance Anything that affects or limits the title to a property, such as a lien or mortgage, easement, or a lease or other restriction. The difference between the fair market value of a property and any lien or mortgage. The net amount the owner would realize if the property were sold. Escrow Funds deposited with a third party to be delivered upon the fulfillment of a condition.