Real Estate Glossary
| A | B | C |
D | E | F | G |
H | I | J | K |
L | M | N | O |
P | Q | R | S |
T | U | V | W |
Z |
Early occupancy - The condition in which buyers can occupy the property before the sale is completed.
Earnest money - Money a buyer gives with an offer to purchase a property. Also called a deposit.
Easement - A right given to a third party to use a portion of the property for certain purposes, such as power lines or water mains.
Eaves - The projecting overhang at the lower edge of a roof.
Effective gross income - Additional income that a lender considers when assessing the loan application of a potential borrower.
Electric service panel - A panel that transfers power from the utility line into a house to be distributed through fuses or circuit breakers.
Elevations - The exterior view of a home design that shows the position of the house relative to the grade of the land.
Ell - An extension or wing of a house that is at right angles to the main structure.
Eminent domain - The government's right to condemn private land for public use, such as the routing of a public highway.
Empty nesters - Potential buyers who have raised their families and want to move into a smaller home.
Encroachment - Fences or other structures that extend into the property of another owner.
Encumbrance - A claim or lien on a property which complicates the title process.
Endorser - A person who signs over ownership of property to another party.
English Tudor style - An architectural design that features stone or brick exterior walls and exposed beams.
Environmental impact statement - A government-mandated evaluation of all aspects and effects a development will have on the environment of a proposed site.
Environmentally friendly home construction - A method of construction that utilizes recycled materials.
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.
Equity - A determination of the value of a property after existing liens are deducted.
Errors and omissions insurance - A policy that pays for any mistakes a builder or architect makes in a project.
Escrow - A neutral third party holds the documents and money involved in a real estate transaction and ensures that all conditions of a sale are met. Escrow also refers to a special account that a lender establishes to hold monthly installments from the borrower to cover property taxes and insurance.
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.
Escrow agent - A neutral third party who ensures that all conditions of a real estate transaction are met.
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.
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.
Escrow payment - Funds that a mortgage servicer withdraws from a borrower's escrow account to pay property taxes and insurance.
Estate - The total assets of a person, including real property, at the time of death.
Eviction - A legal procedure to remove a tenant for reasons including failure to pay rent.
Examination of title - An inspection by a title company of public records and other documents to determine the chain of ownership of a property.
Excavation - The process of clearing trees, removing topsoil and grading land before the foundation is laid.
Exclusive listing - A contract that gives an agent the exclusive right to market a property for a specific period of time.
Executor - A person appointed to carry out the instructions in a will. If there is no will, a probate court will appoint an executor.
Exhaust fan - Ventilating devices that remove water vapor, undesired smells or smoke.
