Page 49 - Homeowners Manual - Napa County

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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