Page 45 - Homeowners Manual - Arizona

Due-on-Sale Clause: Provision in a mortgage or deed of Estate: A person’s possessions� The extent of a person’s
trust which requires loan to be paid in full if property is interest in real property�
sold or transferred�
Examination of Title: The investigation and interpretation of
E the record title to real property based on the title search
or abstract�
Earnest Money: Advance payment of part of the purchase
price to bind a contract for property� Exception: In legal descriptions, that portion of land to be
deleted or excluded� The term often is used in a different
Easement: An interest in land owned by another that entitles sense to mean an encumbrance on title, excluded from
its holder to a specific limited use, such as laying a sewer, coverage in a title insurance policy�
putting up electric power lines or crossing the property�
Also see “Right of Way�” Executor: A person appointed by the probate court to carry
out the terms of a will� The term is “executrix” if that
Egress: The right to leave a tract of land� person is a woman�
Also see “Personal Representative�”
Eminent Domain: The power of the state to take
private property for public use upon payment of just F
compensation�
Fannie Mae: Federal National Mortgage Association (also
Encroachment: A trespass or intrusion onto another’s FNMA) is a private corporation, federally chartered to
property, usually by a structure, wall or fence� provide financial products and services that increase the
availability and affordability of housing by purchasing
Encryption: The conversion of data into a form that cannot mortgage loans�
be easily understood by unauthorized people� The process
of encoding a message so that it can be read only by the Fee Simple Estate: The greatest possible estate in land
sender and the intended recipient� Encryption is the most where the title is held completely and without any
effective way to achieve data security� limitations or conditions� Sometimes designated simply as
“Fee�”
Encumber: To burden a parcel of land with a lien or charge�
Financing Statement: A document filed with the Register
Encumbrance: A lien, liability or charge upon a parcel of of Deeds or Secretary of State to give notice that a
land, e�g� a mortgage or easement�
creditor (lender) has or may have a security interest in the
Escheat: A reversion of property to the state in those cases personal property of the debtor (borrower)�
where an individual dies without heirs or devisees, and, in Fixed Rate Mortgage: A mortgage on which the same rate of
some states, without a will�
interest is charged for the life of the mortgage�
Escrow: A procedure whereby a disinterested third party Fixtures: Any item of property so attached to real property
handles legal documents and funds on behalf of a seller that it becomes a part of the real property�
and buyer, and delivers them upon performance by the
parties�

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