{"id":1387,"date":"2019-07-25T18:50:25","date_gmt":"2019-07-25T18:50:25","guid":{"rendered":"https:\/\/www.rainiertitle.com\/?page_id=1387"},"modified":"2020-08-07T20:36:10","modified_gmt":"2020-08-07T20:36:10","slug":"glossary-e-l","status":"publish","type":"page","link":"https:\/\/www.rainiertitle.com\/glossary-e-l\/","title":{"rendered":"Glossary E &#8211; L"},"content":{"rendered":"\n<h1>\n\t<\/h1>\n<h3>\n\t\tGlossary  of commonly used real estate industry terms\n\t<\/h3>\n\t\t\t\t\t<ul id=\"menu-glossary\"><li id=\"menu-item-1377\"><a href=\"\/glossary-a-d\/\">A \u2013 D<\/a><\/li>\n<li id=\"menu-item-1378\"><a href=\"\/glossary-e-l\/\">E \u2013 L<\/a><\/li>\n<li id=\"menu-item-1379\"><a href=\"\/glossary-m-r\/\">M \u2013 R<\/a><\/li>\n<li id=\"menu-item-1380\"><a href=\"\/glossary-s-z\/\">S \u2013 Z<\/a><\/li>\n<\/ul>\t\n\t<ul>\n \t<li><strong><a href=\"#top\">Top of Page<\/a><\/strong><\/li>\n \t<li><a href=\"#E\"><strong>E<\/strong><\/a><\/li>\n \t<li><a href=\"#F\"><strong>F<\/strong><\/a><\/li>\n \t<li><a href=\"#G\"><strong>G<\/strong><\/a><\/li>\n \t<li><a href=\"#H\"><strong>H<\/strong><\/a><\/li>\n\t<li><a href=\"#I\"><strong>I<\/strong><\/a><\/li>\n \t<li><a href=\"#J\"><strong>J<\/strong><\/a><\/li>\n\t<li><a href=\"#L\"><strong>L<\/strong><\/a><\/li>\n \t<li><strong><a href=\"#bottom\">Bottom of Page<\/a><\/strong><\/li>\n<\/ul>\n\tEARNEST MONEY:&nbsp;<br>\nAdvance payment of part of the purchase price to bind a contract for the sale and purchase of property. It is an evidence of good faith on the part of the purchaser.&nbsp;\nEASEMENT:&nbsp;<br>\nAn interest in land owned by another that entitles its holder to a specific limited use, such as laying a sewer, putting up electric power lines, or underground utilities, or crossing the property. The right to use another&#8221;s land for a specific purpose such as a right of way. Created by grant or agreement for a specific purpose.&nbsp;\nEAVES:&nbsp;<br>\nThe lower part of a roof projecting over the wall.&nbsp;\nECONOMIC LIFE:&nbsp;<br>\nThe period over which a property will yield a return on the investment, over and above the economic or ground rent (due to land).&nbsp;\nECONOMIC OBSOLESCENCE:&nbsp;<br>\nA loss in value due to factors away from the subject property but adversely affecting the value of the subject property.&nbsp;\nEFFECTIVE INTEREST RATE:&nbsp;<br>\nThe percentage of interest that is actually being paid by the borrower for the use of the money.&nbsp;\nEGRESS:&nbsp;<br>\nThe right to leave a tract of land. Often used interchangeable with access (see access).&nbsp;\nEMINENT DOMAIN:&nbsp;<br>\nThe power of the state to take private property for public use upon payment of just compensation. The right of a governmental entity or other agency authorized by law to take private property for public use upon the payment or just compensation. The legal proceeding by which the government exercises this right is called &#8220;condemnation proceedings&#8221;. The right of the government to do this, and the right of the private citizen to get paid, are set out in the Fifth Amendment to the United States Constitution.&nbsp;\nENCROACHMENT:&nbsp;<br>\nThe intrusion of a structure, part of a building, or obstruction over or upon a highway, sidewalk, easement or the property of another.&nbsp;\nENCUMBER:&nbsp;<br>\nTo burden a parcel of land with a lien or charge such as a mortgage or deed of trust.&nbsp;\nENCUMBRANCE:&nbsp;<br>\nA claim, lien, charge or liability attached to and binding upon real property, such as a judgment, mortgage, deed of trust, mechanics lien, lien for unpaid taxes, right-of-way.&nbsp;\nENDORSEMENT:&nbsp;<br>\nA written change or modification of a commitment or policy. Also, writing one&#8221;s name, either with or without additional words, on a negotiable instrument or on an attachment thereto.&nbsp;\nEQUITY:&nbsp;<br>\nThe interest or value, which an owner has in real estate over and above the liens against it.&nbsp;\nEQUITY OF REDEMPTION:&nbsp;<br>\nThe right to redeem property during the foreclosure period such as a mortgagor&#8221;s right to redeem prior to foreclosure.&nbsp;\nEROSION:&nbsp;<br>\nThe wearing away of land by the action of water, wind or glacial ice.&nbsp;\nESCALATION:&nbsp;<br>\nThe right reserved by the lender to increase the amount of the payments and\/or interest upon the happening of a certain event, i.e. due on sale etc\u2026&nbsp;\nESCALATION CLAUSE:&nbsp;<br>\nA clause in a contract providing for the upward or downward adjustment of certain items to cover specified contingencies.&nbsp;\nESCHEAT:&nbsp;<br>\nA reversion of property to the state in those cases where an individual dies without heirs or devisees and without heirs or devisees and without a will.&nbsp;\nESCROW:&nbsp;<br>\nA procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer. In real estate, a deed, monies, or other documents which are conditionally held by a third party, called the escrow agent, pending the performance or fulfillment of some act of condition. Generally upon written instructions called &#8220;an escrow agreement&#8221;.&nbsp;\nESCROW AGREEMENT:&nbsp;<br>\nA written agreement between two or more parties whereby the grantor, promisor or obligor delivers certain instruments into the hands of a third party until the happening of a contingency or performance of a condition, and then to be delivered to the grantee, promises or obligee. When everything is deposited to enable carrying out the instructions, it is called a complete or perfect escrow.&nbsp;\nESTATE:&nbsp;<br>\nA person&#8221;s possessions. In real estate, it refers to the degree, quantity, nature and extent of interest, which a person has in real property; such as a fee simple absolute estate, or an estate for years.&nbsp;\nESTATE OF INHERITANCE:&nbsp;<br>\nAn estate, which may descend to one&#8221;s heirs. All freehold estates are estates of inheritance except life estates, which are not &#8220;autre vie&#8221; (for the life of another).&nbsp;\nESTATE OF LIFE:&nbsp;<br>\nA freehold estate, but which is held by the tenant for his own life or lives of one or more other persons, or for an indefinite period which may endure for the life or lives or persons in being.&nbsp;\nESTIMATE:&nbsp;<br>\nTo form a preliminary opinion of value.&nbsp;\nESTOPPEL:&nbsp;<br>\nA doctrine, which bars one from asserting rights, which are inconsistent with a previous position or representation.&nbsp;\nET. AL.:&nbsp;<br>\nAn abbreviation for et alius, meaning &#8220;and another&#8221; or &#8220;and others&#8221;.&nbsp;\nET. UX.:&nbsp;<br>\nAbbreviation meaning &#8220;and wife&#8221;.&nbsp;\nET. VIR.:&nbsp;<br>\nAbbreviation meaning &#8220;and husband&#8221;.&nbsp;\nEVICTION:&nbsp;<br>\nDispossession by process of law; the act of depriving a person of the possession of lands, pursuant to the judgment of a court.&nbsp;\nEXCEPTIONS:&nbsp;<br>\nA list of flaws, clouds, encumbrances or uncertainties, or other interests that title insurance will not guarantee that our insured has a priority over.&nbsp;\nEXCLUSIVE AGENCY LISTING:&nbsp;<br>\nA listing whereby the owner appoints one real estate broker as his sole agent for a specified period of time. The owner may sell the property to a buyer, which he himself finds without paying the broker&#8221;s commission.&nbsp;\nEXCLUSIVE RIGHT TO SELL LISTING:&nbsp;<br>\nA listing whereby the owner appoints one real estate broker as his sole and exclusive agent for a specified period of time. No matter who sells the property, including the owner himself, the broker is entitled to a commission.&nbsp;\nEXECUTE:&nbsp;<br>\nTo complete, to make, to perform, to do, to follow out; to execute a deed, to make a deed, including especially signing, sealing and delivery. To execute a contract is to perform the contract, to follow out to the end, to complete.&nbsp;\nEXECUTION:&nbsp;<br>\nA writ issued by a court to the sheriff directing him to seize and sell property to satisfy a debt.&nbsp;\nEXECUTOR:&nbsp;<br>\nSee &#8220;Personal Representative&#8221;.&nbsp;\n<p>&nbsp;<\/p>\nEXCEPTIONS:&nbsp;<br>\nA list of flaws, clouds, encumbrances or uncertainties, or other interests that title insurance will not guarantee that our insured has a priority over.&nbsp;\nEXCLUSIVE AGENCY LISTING:&nbsp;<br>\nA listing whereby the owner appoints one real estate broker as his sole agent for a specified period of time. The owner may sell the property to a buyer, which he himself finds without paying the broker&#8221;s commission.&nbsp;\nEXCLUSIVE RIGHT TO SELL LISTING:&nbsp;<br>\nA listing whereby the owner appoints one real estate broker as his sole and exclusive agent for a specified period of time. No matter who sells the property, including the owner himself, the broker is entitled to a commission.&nbsp;\nEXECUTE:&nbsp;<br>\nTo complete, to make, to perform, to do, to follow out; to execute a deed, to make a deed, including especially signing, sealing and delivery. To execute a contract is to perform the contract, to follow out to the end, to complete.&nbsp;\nEXECUTION:&nbsp;<br>\nA writ issued by a court to the sheriff directing him to seize and sell property to satisfy a debt.&nbsp;\nEXECUTOR:&nbsp;<br>\nSee &#8220;Personal Representative&#8221;.&nbsp;\n\t<ul>\n \t<li><strong><a href=\"#top\">Top of Page<\/a><\/strong><\/li>\n \t<li><a href=\"#E\"><strong>E<\/strong><\/a><\/li>\n \t<li><a href=\"#F\"><strong>F<\/strong><\/a><\/li>\n \t<li><a href=\"#G\"><strong>G<\/strong><\/a><\/li>\n \t<li><a href=\"#H\"><strong>H<\/strong><\/a><\/li>\n\t<li><a href=\"#I\"><strong>I<\/strong><\/a><\/li>\n \t<li><a href=\"#J\"><strong>J<\/strong><\/a><\/li>\n\t<li><a href=\"#L\"><strong>L<\/strong><\/a><\/li>\n \t<li><strong><a href=\"#bottom\">Bottom of Page<\/a><\/strong><\/li>\n<\/ul>\n\tFEE:&nbsp;<br>\nAn estate of inheritance in real property.&nbsp;\nFEE SIMPLE ABSOLUTE:&nbsp;<br>\nOften called a fee or fee simple; the most comprehensive ownership of real property known to the law; the largest bundle of ownership rights possible in real estate. In modern estates, the terms &#8220;Fee&#8221; and &#8220;Fee Simple&#8221; are substantially synonymous. The term &#8220;Fee&#8221; is of Old English derivation. &#8220;Fee Simple Absolute&#8221; is an estate in real property, by which the owner has the greatest power over the title, which it is possible to have, being an absolute estate. In modern use, it expressly establishes the title of real property in the owner, without limitation or end. He may dispose of it by sale, or trade or will, as he\/she chooses. It is also defined as the most complete ownership in land or as the most complete bundle of rights one can have in land. FARMERS HOME ADMINISTRATION: An agency of the Department of Agriculture. Primary responsibility is to provide financial assistance for farmers and others living in rural areas where financing is not available on reasonable terms from private sources.&nbsp;\nFEDERAL DEPOSIT INSURANCE CORPORATION (FDIC):&nbsp;<br>\nAgency of the federal government, which insures deposits at commercial banks and savings banks.&nbsp;\nFEDERAL HOME LOAN BANK (FHLB):&nbsp;<br>\nA district bank of Federal Home Loan Bank system that lends only to member savings and loan association.&nbsp;\nFEDERAL HOME LOAN BANK BOARD (FHLBB):&nbsp;<br>\nThe administrative agency that charters federal savings and loan associations and exercises regulatory authority over the FHLB system.&nbsp;\nFEDERAL HOUSING ADMINISTRATION (FHA):&nbsp;<br>\nAn agency of the federal government that insures mortgage loans. FOOTING: The base or bottom of a foundation wall, pier or column.&nbsp;\nFORECLOSURE:&nbsp;<br>\nThe act of selling by legal proceeding real property to satisfy the obligations of the landowner to a third party. Procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.&nbsp;\nFORECLOSURE CERTIFICATE:&nbsp;<br>\nA list of the instruments affecting any interest in property subsequent to the recording of the encumbrance being foreclosed. Usually used to determine who must be notified before foreclosure can be completed.&nbsp;\nFORECLOSRUE GUARANTEE:&nbsp;<br>\nGuarantees the accuracy, a report listing all interests in real property, which are subordinate to the encumbrance to be foreclosed for purposes of a foreclosure.&nbsp;\nFOREIGN:&nbsp;<br>\nNot of the state; in or of another state, e.g. foreign estate proceedings.&nbsp;\nFORFEITURE:&nbsp;<br>\nLoss of money or anything of value, due to failure to perform a contractual obligation.&nbsp;\nFOUNDATION:&nbsp;<br>\nThe supporting portion of a structure below the first floor construction or below grade, including the footings.&nbsp;\nFRONTAGE:&nbsp;<br>\nLand bordering a street.&nbsp;\nFRONT MONEY:&nbsp;<br>\nThe minimum amount of money necessary to initiate a real estate venture.&nbsp;\n\t<ul>\n \t<li><strong><a href=\"#top\">Top of Page<\/a><\/strong><\/li>\n \t<li><a href=\"#E\"><strong>E<\/strong><\/a><\/li>\n \t<li><a href=\"#F\"><strong>F<\/strong><\/a><\/li>\n \t<li><a href=\"#G\"><strong>G<\/strong><\/a><\/li>\n \t<li><a href=\"#H\"><strong>H<\/strong><\/a><\/li>\n\t<li><a href=\"#I\"><strong>I<\/strong><\/a><\/li>\n \t<li><a href=\"#J\"><strong>J<\/strong><\/a><\/li>\n\t<li><a href=\"#L\"><strong>L<\/strong><\/a><\/li>\n \t<li><strong><a href=\"#bottom\">Bottom of Page<\/a><\/strong><\/li>\n<\/ul>\n\tGUARDIAN:&nbsp;<br>\nOne appointed by the court to administer the affairs of an individual not capable of administering his own affairs, e.g. a minor .\nGENERAL LIEN:&nbsp;<br>\nA lien on all the property of a debtor.&nbsp;\nGIFT DEED:&nbsp;<br>\nA deed which the consideration is love and affection and where there is not material consideration.&nbsp;\nGOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA):&nbsp;<br>\nOften called Ginny Mae.&nbsp;\nGRADUATED LEASE:&nbsp;<br>\nLease which provides for a varying rental rate, often based upon future determination; sometimes rent is based upon result of periodical appraisals; used largely in long-term lease.&nbsp;\n\t<ul>\n \t<li><strong><a href=\"#top\">Top of Page<\/a><\/strong><\/li>\n \t<li><a href=\"#E\"><strong>E<\/strong><\/a><\/li>\n \t<li><a href=\"#F\"><strong>F<\/strong><\/a><\/li>\n \t<li><a href=\"#G\"><strong>G<\/strong><\/a><\/li>\n \t<li><a href=\"#H\"><strong>H<\/strong><\/a><\/li>\n\t<li><a href=\"#I\"><strong>I<\/strong><\/a><\/li>\n \t<li><a href=\"#J\"><strong>J<\/strong><\/a><\/li>\n\t<li><a href=\"#L\"><strong>L<\/strong><\/a><\/li>\n \t<li><strong><a href=\"#bottom\">Bottom of Page<\/a><\/strong><\/li>\n<\/ul>\n\tHABENDUM CLAUSE:&nbsp;<br>\nThe &#8220;to have and to hold&#8221; clause in a deed.&nbsp;\nHEIRS AND ASSIGNS:&nbsp;<br>\nTerminology used in deed and wills to provide that the recipient receives a &#8220;fee simple estate&#8221; in lands, rather that a lesser interest.&nbsp;\nHIATUS:&nbsp;<br>\nA gap or space unintentionally left between, when attempting to describe adjacent parcels of land.&nbsp;\nHOLDOVER TENANT:&nbsp;<br>\nTenant who remains in possession of leased property after the expiration of the lease term.&nbsp;\n\t<ul>\n \t<li><strong><a href=\"#top\">Top of Page<\/a><\/strong><\/li>\n \t<li><a href=\"#E\"><strong>E<\/strong><\/a><\/li>\n \t<li><a href=\"#F\"><strong>F<\/strong><\/a><\/li>\n \t<li><a href=\"#G\"><strong>G<\/strong><\/a><\/li>\n \t<li><a href=\"#H\"><strong>H<\/strong><\/a><\/li>\n\t<li><a href=\"#I\"><strong>I<\/strong><\/a><\/li>\n \t<li><a href=\"#J\"><strong>J<\/strong><\/a><\/li>\n\t<li><a href=\"#L\"><strong>L<\/strong><\/a><\/li>\n \t<li><strong><a href=\"#bottom\">Bottom of Page<\/a><\/strong><\/li>\n<\/ul>\n\tINDEMNIFY:&nbsp;<br>\nTo secure; to secure against loss. To make payment for a loss.&nbsp;\nINDENTURE:&nbsp;<br>\nA formal agreement between a group of bondholders and a debtor as to the terms of the debt.&nbsp;\nINDORSEMENT:&nbsp;<br>\nThe act of signing one&#8221;s name on the back of a check or note, with or without further qualifications.&nbsp;\nINGRESS:&nbsp;<br>\nThe right to enter a tract of land. Often used interchangeably with &#8220;access&#8221; (see access).&nbsp;\nINJUNCTION:&nbsp;<br>\nA writ or order issued under the seal of a court to restrain one or more parties to a suit or proceeding for doing an act which is deemed to be inequitable or unjust or which may cause irreparable harm to the rights of some other party or parties in the suit or proceeding.&nbsp;\nINPUT:&nbsp;<br>\nData, information, etc., that is fed into a computer or other system.&nbsp;\nIN LIEU OF:<br>\nIn place of, instead of.&nbsp;\nINSTALLMENT LAND CONTRACT:&nbsp;<br>\nOften called land contract or an installment contract; an agreement for the purchase of real estate upon an installment basis. The deed to the property is not given to the purchaser until all or a specified portion of the purchaser price is paid. This type of contract is also known as a Contract for Deed or a Conditional Sales Contract.&nbsp;\nINSURANCE OF TITLE:&nbsp;<br>\nInsurance that title to a designated parcel of real property is vested as shown in the policy, subject to those items shown therein as exceptions to coverage, such as taxes, easements, prior encumbrances or reservations of rights by others. INTER ALIA: (Latin) Meaning &#8220;among other things&#8221;.\nINTEREST:&nbsp;<br>\nThe charge in dollars for the use of money for a period of time. In a sense, the &#8220;rent&#8221; paid for the use of money.&nbsp;\nINTEREST RATE:&nbsp;<br>\nThe percentage of a sum of money charged for its use.&nbsp;\nINTERIM LOAN:&nbsp;<br>\nA short-term loan until long-term financing is available.&nbsp;\nINTESTATE:&nbsp;<br>\nA person who dies having made no will, or one which is defective in for in which case his estate descends to his heirs at law or next of kin.&nbsp;\nINTERSTATE:&nbsp;<br>\nBetween two or more different states, e.g. interstate commerce.&nbsp;\n\nINVULUNTARY LIEN:&nbsp;<br>\nA lien against property without the consent of an owner. Examples: Taxes, special assessments, federal income tax liens, judgments, mechanics liens.&nbsp;\nIRREVOCABLE:&nbsp;<br>\nIncapable of being recalled or revoked; unchangeable.&nbsp;\nIRRIGATION DISTRICTS:&nbsp;<br>\nQuasi-political districts, created under special laws to provide for water services to property owners in the district; an operation governed to a great extent by law.&nbsp;\n\t<ul>\n \t<li><strong><a href=\"#top\">Top of Page<\/a><\/strong><\/li>\n \t<li><a href=\"#E\"><strong>E<\/strong><\/a><\/li>\n \t<li><a href=\"#F\"><strong>F<\/strong><\/a><\/li>\n \t<li><a href=\"#G\"><strong>G<\/strong><\/a><\/li>\n \t<li><a href=\"#H\"><strong>H<\/strong><\/a><\/li>\n\t<li><a href=\"#I\"><strong>I<\/strong><\/a><\/li>\n \t<li><a href=\"#J\"><strong>J<\/strong><\/a><\/li>\n\t<li><a href=\"#L\"><strong>L<\/strong><\/a><\/li>\n \t<li><strong><a href=\"#bottom\">Bottom of Page<\/a><\/strong><\/li>\n<\/ul>\n\tJOINT AND SEVERAL LIABILITIES:&nbsp;<br>\nLiability by two or more persons for the same obligation. Each person is legally liable for the entire obligation.&nbsp;\nJOINT NOTE:&nbsp;<br>\nA note signed by two or more persons who have equal liability for payment.&nbsp;\nJOINT TENANCY:&nbsp;<br>\nCo-ownership of real property by two or more persons who share equally the right to use, possess and enjoy all the property, and the right of survivorship. Upon the death of any joint tenant, the right of survivorship operates to vest title to that tenant&#8221;s interest equally in any remaining joint tenants and wholly in the sole surviving joint tenant. Joint tenancy must be specifically designated in an instrument of conveyance and is never presumed without such a designation.&nbsp;\nJOINT VENTURE:&nbsp;<br>\nTwo or more individual or firms joining together on a single project. Similar to a partnership, with some variations.&nbsp;\nJUDGEMENT:&nbsp;<br>\nA decree of a court. Upon recording, the judgment becomes a lien or charge upon the property of the judgment debtor. The final determifation of a court of competent jurisdiction of a matter presented to it. Money judgments provide for the payment of claims presented to the court, or are awarded as damages, etc\u2026&nbsp;\nJUDGMENT LIEN:&nbsp;<br>\nThe charge upon the lands of a debtor resulting from the recoding of a decree of a court properly entered in the judgment docket. A legal claim on all of the property of a judgment debtor that enables the judgment creditor to have the property sold for payment of the amount of the judgment.&nbsp;\nJUNIOR MORTGAGE\/DEED OF TRUST:&nbsp;<br>\nA mortgage\/deed of trust lower in priority to previous mortgage\/deed of trust, i.e. a mortgage\/deed of trust recorded after another mortgage\/deed of trust is recorded.&nbsp;\n\t<ul>\n \t<li><strong><a href=\"#top\">Top of Page<\/a><\/strong><\/li>\n \t<li><a href=\"#E\"><strong>E<\/strong><\/a><\/li>\n \t<li><a href=\"#F\"><strong>F<\/strong><\/a><\/li>\n \t<li><a href=\"#G\"><strong>G<\/strong><\/a><\/li>\n \t<li><a href=\"#H\"><strong>H<\/strong><\/a><\/li>\n\t<li><a href=\"#I\"><strong>I<\/strong><\/a><\/li>\n \t<li><a href=\"#J\"><strong>J<\/strong><\/a><\/li>\n\t<li><a href=\"#L\"><strong>L<\/strong><\/a><\/li>\n \t<li><strong><a href=\"#bottom\">Bottom of Page<\/a><\/strong><\/li>\n<\/ul>\n\tLEASEHOLD ESTATE:&nbsp;<br>\nA tenant&#8221;s right to occupy real estate during the term of the lease. This is a personal property interest.\nLEGAL DESCRIPTION:&nbsp;<br>\nA description recognized by law, which is sufficient to locate and identify the property without oral testimony. Often called the &#8220;Legal.&#8221; A description recognized by law; a description by which property can be definitely located.\nLEGAL ENTITY:&nbsp;<br>\nA person or group of people whom the law recognizes as having the power, to own, sell, or encumber real property. Common examples are corporations, joint ventures and partnerships.\nLESSEE:&nbsp;<br>\nThe party who holds an estate by virtue of a lease; the tenant of a landlord.\nLAND:&nbsp;<br>\nReal property; the surface of the earth and that which is affixed to it permanently, that which is below it, and the space above it; synonyms with &#8220;real property&#8221;, &#8220;realty&#8221;, and &#8220;real estate&#8221;. Sometimes used to mean only the unimproved surface on the earth.\nLOAN APPLICATION:&nbsp;<br>\nThe loan application is a source of information on which the lender bases his decision to make the loan. It defines the terms of the loan contract; gives the name of the borrower, place of employment, salary, bank accounts and credit references; and describes the real estate that is to be mortgaged. It also stipulates the amount of loan being applied for, and repayment terms.\nLOAN CLOSING:&nbsp;<br>\nWhen all conditions have been met, the loan officer authorizes the recording of the Deed of Trust or Mortgage. The disbursal procedure of funds is similar to the closing as a real estate sales escrow. The borrower can expect to receive less that the amount of the loan, as title, recording, service and other fees may be withheld, or he\/she can except to deposit the cost of the items into the loan escrow. This process is sometimes called &#8220;funding&#8221; the loan.\nLOST INSTRUMENT BOND:<br>\nSurety Bond issued to the Public Trustee by an insurance company as a substitute for the lost original note.\n\t\t\t\t\t<ul id=\"menu-glossary-1\"><li id=\"menu-item-1377\"><a href=\"\/glossary-a-d\/\">A \u2013 D<\/a><\/li>\n<li id=\"menu-item-1378\"><a href=\"\/glossary-e-l\/\">E \u2013 L<\/a><\/li>\n<li id=\"menu-item-1379\"><a href=\"\/glossary-m-r\/\">M \u2013 R<\/a><\/li>\n<li id=\"menu-item-1380\"><a href=\"\/glossary-s-z\/\">S \u2013 Z<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Glossary of commonly used real estate industry terms A \u2013 D E \u2013 L M \u2013 R S \u2013 Z Top of Page E F G H I J L Bottom of Page EARNEST MONEY:&nbsp; Advance payment of part of the purchase price to bind a contract for the sale and purchase of property. It [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Glossary E-L | Real Estate Title &amp; Escrow Definitions | Bellevue, Puyallup &amp; Seattle<\/title>\n<meta name=\"description\" content=\"Not sure what a term means? 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