|
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 |
