Word | Definition |
Early occupancy | The condition in which buyers can occupy the property before the sale is completed.
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Earnest Money | An amount of money given as part of the purchase price of the property to bind the agreement between the buyer and seller. (Initial Deposit)
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Earthquake insurance | A policy that provides coverage against damage to a home from an earthquake.
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Easement | A right or interest in the property of another entitling the easement holder to some use, privilege or benefit, such as the right to cross over another person’s property to reach yours.
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Effective age | The age of a structure estimated by its condition rather than its actual age.
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Effective gross income | Additional income that a lender considers when assessing the loan application of a potential borrower.
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Eminent domain | The government's right to condemn private land for public use, such as the routing of a public highway.
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Employer-assisted housing | Programs which help employees purchase homes through special plans developed with lenders.
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Encroachment | Fences or other structures that extend into the property of another owner.
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Encumbrance | A claim or lien on a property which complicates the title process.
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End loan | The conversion from a construction loan to permanent financing a condominium buyer secures after all units in a project have
been completed.
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Endorser | A person who signs over ownership of property to another party.
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Environmental impact statement | A government-mandated evaluation of all aspects and effects a development will have on the environment of a proposed site.
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Environmentally friendly home construction | A method of construction that utilizes recycled materials.
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Equal Credit Opportunity Act. | A federal law that prohibits a lender or other creditor from refusing to grant credit based on the applicant's sex, marital status, race, religion, national origin or age. The law also prohibits a creditor from refusing to grant credit because the applicant receives public assistance.
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Equifax | Equifax Credit Information Services, Inc., is one of the "Big Three" credit-reporting bureaus that operate nationwide. Address:
P.O. Box 740249, Atlanta, GA 30374.
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Equity | Market value of property actually owned by the property owner. This is often figured by a purchase price less the amount of all loan or others liens on the property.
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Errors and omissions insurance | A policy that pays for any mistakes a builder or architect makes in a project.
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Escrow | A transaction in which an impartial third party acts as an agent for the buyer and the seller, or the borrower and the lender, in carrying out instructions, delivering papers and documents and dispersing funds.
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Escrow account | An account that a lender or mortgage servicer establishes to hold funds for the payment of expenses such as homeowners insurance and property taxes. Also known as an impound account.
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Escrow agent | A neutral third party who ensures that all conditions of a real estate transaction are met.
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Escrow analysis | A lender's periodic examination of an escrow account to determine if the lender is withholding enough funds from a borrower's monthly mortgage payment to pay for expenses such as property taxes and insurance.
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Escrow closing | Escrow closes when all conditions of a real estate transaction are met and the title of the property is transferred to the buyer.
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Escrow company | Firms that act as neutral third parties to ensure that all conditions that the buyer, seller and lender establish in a real estate transaction are met.
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Escrow payment | Funds that a mortgage servicer withdraws from a borrower's escrow account to pay property taxes and insurance.
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Estate | The total assets of a person, including real property, at the time of death.
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Eviction | A legal procedure to remove a tenant for reasons including failure to pay rent.
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Examination of title | An inspection by a title company of public records and other documents to determine the chain of ownership of a property.
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Exception | An interest in real property which is excluded from the conveyance and remains with the grantor or which had been
excluded in a prior conveyance such as oil and mineral rights.
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Exclusive listing | A contract that gives an agent the exclusive right to market a property for a specific period of time.
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Executor | A person appointed to carry out the instructions in a will. If there is no will, a probate court will appoint an executor.
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Experian | Experian, formerly known as TRW Information Systems & Services, is one of the "Big Three" credit-reporting bureaus. Address: 505 City Parkway West, Orange, CA 92868.
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