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Earnest Money Deposit
A deposit made by the potential home buyer to
show that he or she is serious about buying the house.
Easement
A right of way giving persons other than the owner access to or pass through a property.
Effective Age
An appraiser's estimate of the physical
condition of a building.
The actual age of a building may be shorter or longer than its effective age.
Eminent Domain
The right of a government or public utility to acquire private property for public use upon payment of its
fair market value.
Eminent domain is the basis for condemnation proceedings.
Encroachment
An improvement that intrudes illegally on another's property.
Encumbrance
Anything that affects or limits the fee simple
title to a property, such as
mortgages,
leases,
easements, unpaid taxes, or
deed restrictions.
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
A homeowner's financial interest in a property.
Equity is the difference between the fair market value
of the property and the amount still owed on its mortgage.
Escape Clause
A provision in a contract that allows one or more of the
parties to cancel all or part of the contract if certain
events or situations do or do not happen.
Escrow
An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a
condition.
Escrow Account
The account in which a mortgage servicer holds the borrower's
escrow payments prior to paying property expenses.
Escrow Analysis
The periodic examination of escrow accounts
to determine if current monthly deposits will provide sufficient funds to pay taxes,
insurance, and other bills when due.
Escrow Collections
Funds collected by the servicer and set aside in an
escrow account to pay the
borrower's property taxes, mortgage insurance,
and hazard insurance.
Escrow Disbursements
The use of escrow funds to pay real estate taxes,
hazard insurance,
mortgage insurance,
and other property expenses as they become due.
Estate
The ownership interest of an individual in real property.
The sum total of all the real property
and personal property
owned by an individual at time of death.
Eviction
The lawful expulsion of an occupant from real property.
Examination of Title
The report on the title
of a property from the public records or an
abstract of title.
Exclusive Listing
A written contract that gives a licensed
real estate agent the exclusive right to sell
a property for a specified time, but reserving the owner's right to sell the
property alone without the payment of a commission.
Executor
A person named in a will to administer an estate.
The court will appoint an administrator if no executor isnamed. "Executrix"
is the feminine form.
Extension
An agreement between two parties to extend the time period specified in a
contract.
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