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Earnest money
A deposit made of a portion of the purchase price by the buyer to
demonstrate his or her serious intent to purchase the property,
usually accompanied by an agreement outlining the terms and
conditions of the sale
Easement
The permanent or temporary right to use the property of another for
a specific purpose -- e.g. for access over the property, putting up
utility lines, etc.
Egress
The right to leave or exit over a piece of property
Eminent domain
The right of the government to take over private property for public
purposes upon payment of its fair market value
Encroachment
A physical, illegal intrusion onto another's adjoining property;
examples are a structure, driveway, fence
Encumbrance
Any claim against the fee simple title to a property, such as a
lien, mortgage, or easement
Equal Credit Opportunity Act (ECOA)
A federal law that requires lenders and other creditors to make
credit equally available without discrimination based on race,
color, religion, national origin, age, sex, marital status, or
receipt of income from public assistance programs
Equity
The owner's financial interest in a property, over and above any
indebtedness for that property; or the difference between the fair
market value of the property, and the amount still owed on its
mortgage
Equity Sharing
A form of joint ownership between an owner/occupant and an
owner/investor, whereby the owner/investor receives depreciation
deductions as his portion of interest in the property, and the
owner/occupant receives some of the tax write-offs for interest and
taxes, as well as part of his monthly payment being applied against
his rent. If the property were sold, the co-owners would also divide
the profit
Escheat
Property that reverts to state ownership when an individual dies
without a will and without heirs
Escrow
A deed, contract, or something of value deposited with a
disinterested third party, to be delivered upon the performance of
certain conditions by the parties involved; e.g., an attorney or
escrow agent taking custody of funds and documents upon the closing
of a sale of real estate
Escrow account
An account established by an escrow agent to hold funds for the
agent's principal until the consummation of the transaction
Escrow instructions
A document that outlines the duties of the escrow agent and the
obligations of the parties involved in an escrow transaction
Escrow payment; also "impounds" or "reserves" in some states
The portion of a mortgagor's monthly payment that is retained by the
escrow agent to cover the costs of taxes, hazard or mortgage
insurance, lease payments, and other costs incurred in the course of
the transaction
Estate
An individual's possessions and property, relevant particularly at
the time of death
Eviction
The legally directed removal of an occupant from real property
Exclusive listing, or Exclusive agency listing, or Exclusive
right-to-sell listing
A written contract giving a licensed real estate broker the
exclusive right to sell a property for a designated period of time,
on terms stated by the owner, for a fee, while also reserving the
owner's right to sell the property himself, without paying anyone a
commission
Executor
A person named in a will, or in the absence of such designation,
appointed by the probate court, to administer an estate and carry
out its terms
Extended Mortgage
A mortgage in which the due date of payment is extended, and is
usually charged at a higher interest rate than the original mortgage |
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