Even More Terms

Contingency - A provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One example is a buyer's contractual right to obtain a professional home inspection before purchasing the home. Dry Rot - Decay of seasoned wood caused by fungus. Earnest Money Deposit - A deposit made by the potential home buyer as evidence of good faith that he or she is serious about buying the house. Easement - A right or interest in the use of the land of another which entitles the holder to some use, privilege or benefit, such as to place power lines, pipe lines or roads. Abbreviations in Listing Advertisements The agent shorthand found in listing ads can baffle the average consumer. Below are some of the most common acronyms and abbreviations found on listings. Egress - The exit point from a property. Escrow - An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.